English
Phone contributes 21% to Vietnam’s total export revenue
The Hanoitimes – Exports of Vietnam’s phones and spare parts last year skyrocketed by 31.9 percent against the previous year to US$45.27 billion, accounting for 21.15 percent of the country’s total export revenue.
The Ministry of Industry and Trade announced it in the Vietnam’s 2017 Export-Import Report released recently, however, noting that 99 percent of the value came from foreign direct investment (FDI) firms.
According to the ministry, despite the high export achievements, FDI firms haven’t helped local firms to take part in the global value chain significantly.
Vietnam’s phones, computers and electronic products have been exported to over 50 countries in the world, some of them are the European Union, the United States, South Korea and Japan.
The electronics industry in recent years has continuously developed, becoming a key of the export sector, making an important contribution to the export’s achievement of the whole country. The Vietnam’s electronic industry marked an important turning point since 2013 when it surpassed Vietnam’s textile and garment industry for the first time and has held the No. 1 position.
The Vietnam’s 2017 Export-Import Report also provided accurate information on the country’s trade to management agencies, policymakers and businesses.
It includes an overview of the Vietnamese and global economy, Vietnam’s import-export situation, its markets, in addition to import-export policies and mechanisms and information on free trade agreements.
Deputy Minister Tran Quoc Khanh said compared to the first ever report released last year, this year it provided more details on import-export targets for each product and market and was also more scientifically arranged.
The report is a basic database to help enterprises make strategic plans, expand their trade, enhance their competitiveness and integrate with the global market, he said.
Last year was a good one for Vietnam with its exports crossing the $200 billion mark for the first time and ending at $214.02 billion, a year-on-year increase of 21.2 percent and well above the government’s target.
Besides improving the trade balance, it also helped promote production and create jobs, he said.
The deputy minister said last year marked a transition in exports from raw materials to manufactured and processed goods.
This is in line with the target set under the import-export strategy for 2011-2020, with a vision to 2030, he said.
Exports of processed goods accounted for over 81 percent, followed by agricultural and fisheries items with over 12 per cent, he said.
Tran Thanh Hai, deputy director of the ministry’s import – export department, said last year’s trade surplus of $2.92 billion was the highest ever.
The surplus was mainly with developed countries like the United States, European Union and Australia, which have strict requirements for imports.
Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers, hailed the report, saying it greatly helps businesses, industries and business groups orient their export and business activities.
He called on the ministry to include more information on trade protectionism and barriers, and offer solutions and recommendations to overcome them.
The fisheries sector also needs information about the Chinese market, a promising one for Vietnamese firms, he said.
Tran Viet Anh, vice chairman of the Ho Chi Minh City Union of Business Association, said the report compilers should provide statistics on the key import and export items of each province and city to help them make plans for developing their products and sectors.
This would also help investors choose their ideal investment destination, he pointed out.
Vietnam’s phones, computers and electronic products have been exported to over 50 countries in the world, some of them are the European Union, the United States, South Korea and Japan.
The electronics industry in recent years has continuously developed, becoming a key of the export sector, making an important contribution to the export’s achievement of the whole country. The Vietnam’s electronic industry marked an important turning point since 2013 when it surpassed Vietnam’s textile and garment industry for the first time and has held the No. 1 position.
The Vietnam’s 2017 Export-Import Report also provided accurate information on the country’s trade to management agencies, policymakers and businesses.
It includes an overview of the Vietnamese and global economy, Vietnam’s import-export situation, its markets, in addition to import-export policies and mechanisms and information on free trade agreements.
Deputy Minister Tran Quoc Khanh said compared to the first ever report released last year, this year it provided more details on import-export targets for each product and market and was also more scientifically arranged.
The report is a basic database to help enterprises make strategic plans, expand their trade, enhance their competitiveness and integrate with the global market, he said.
Last year was a good one for Vietnam with its exports crossing the $200 billion mark for the first time and ending at $214.02 billion, a year-on-year increase of 21.2 percent and well above the government’s target.
Besides improving the trade balance, it also helped promote production and create jobs, he said.
The deputy minister said last year marked a transition in exports from raw materials to manufactured and processed goods.
This is in line with the target set under the import-export strategy for 2011-2020, with a vision to 2030, he said.
Exports of processed goods accounted for over 81 percent, followed by agricultural and fisheries items with over 12 per cent, he said.
Tran Thanh Hai, deputy director of the ministry’s import – export department, said last year’s trade surplus of $2.92 billion was the highest ever.
The surplus was mainly with developed countries like the United States, European Union and Australia, which have strict requirements for imports.
Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers, hailed the report, saying it greatly helps businesses, industries and business groups orient their export and business activities.
He called on the ministry to include more information on trade protectionism and barriers, and offer solutions and recommendations to overcome them.
The fisheries sector also needs information about the Chinese market, a promising one for Vietnamese firms, he said.
Tran Viet Anh, vice chairman of the Ho Chi Minh City Union of Business Association, said the report compilers should provide statistics on the key import and export items of each province and city to help them make plans for developing their products and sectors.
This would also help investors choose their ideal investment destination, he pointed out.
Source: http://www.hanoitimes.vn/economy/2018/03/81E0C3CF/phone-contributes-21-to-vietnam-s-total-export-revenue/