Vietnam’s export turnover increased by 4.7 percent year on year to nearly 83 billion USD in the first four months of 2020 despite an interruption to orders from key importers in Europe, American and Japan due to the COVID-19 pandemic.
Hanoi (VNA) – Vietnam’sexport turnover increased by 4.7 percent year on year to nearly 83 billion USDin the first four months of 2020 despite an interruption to orders from key importersin Europe, American and Japan due to the COVID-19 pandemic.
Thanks to their quick thinking and adaption to market demand, many businesseshave still been receiving regular orders.
Contrary to the shortage of orders for exporters in key sectors, enterprises specialisingin producing biodegradable packages and exporting fruit received steady ordersfrom partners in Japan, Europe, the US and Australia in the period.
According to Tran Thanh Hai, Deputy General Director of the Export-Import Departmentunder the Ministry of Industry and Trade, the US remained the largest market forVietnamese exports in the reviewed period, with a 20.3-billion-USD turnover, surging13.4 percent.
It was followed by China and Japan with respective turnovers of 13.1 billionUSD and 6.7 billion USD, up 26.7 percent and 10.1 percent, respectively.
The country’s exports to American markets also increased, including Chile (93percent), Colombia (93 percent), Peru (82 percent), Panama (73 percent), Mexico( 61 percent), and Argentina (55 percent).
However, Hai noted that export prospects will depend greatly on the disease’s developmentsin its major export markets such as the US, the EU and China.
He predicted that Vietnam’s exports to China and the Republic of Korea would recoverfaster than other markets because the COVID-19 is under control in the twocountries.
The Prime Minister’s recent decision to allow the resumption of rice exportshas contributed to promoting the nation’s export growth, he added. /.
Despite the difficulties posed by the COVID-19 pandemic, Vietnam can still reach its annual export growth target of 7-8 percent if market opportunities are optimised, experts have said.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Photo: VNA) 
