English
Vietnam’s phone exports continue posting two-digit growth
The Hanoitimes – Exports of phones and spare parts skyrocketed by 68 percent until March 15, helping it become the first commodity to gain export revenue of more than US$10 billion this year.
Besides phones, seven other products, including textile and garment, computers, electronic products and spare parts, equipments and footwear, also reported export turnover of more than $1 billion each until the date, reports from the General Department of Customs showed.
Thanks to the rise, export growth in the first months of the year far exceeded expectations, hitting nearly $44.26 billion until March 15, up 26.5 percent year-on-year.
The 26.5 percent export growth rate was very impressive as the National Assembly targets the export revenue to expand by just 8-10 percent this year.
Among the total, foreign directed investment (FDI) firms contributed up to $31.86 billion, or 71.72 percent. The proportion of FDI firms in the country’s total export revenue rose by some 1.7 percentage points against the same period last year.
According to the Ministry of Industry and Trade (MoIT), global trade is predicted to grow by 3.9 percent in 2018 and this is expect to help Vietnam’s trade growth.
The MoIT said it will work to devise measures to improve national competitiveness, thus creating a foundation for sustainable exports.
Efforts made by the Government to promote administrative reform, simplify investment procedures and support start-ups, are hoped to create more commodities for export, especially in terms of processing and manufacturing and heavy industry.
Vietnamese exporters of textiles, footwear, machines, equipment, tools and farm and seafood products will continue benefiting from free trade agreements between Vietnam and foreign partners.
Experts forecast besides phones, exports posting high growth in 2018 will be farm produce, textiles and footwear, adding that Vietnam need to develop new products to create breakthroughs in exports, and reduce dependence on FDI enterprises.
Vietnam has 200 trade partners across the world with 29 export markets and 23 import markets.
Among the country’s economic achievements last year, exports emerged as a bright spot, continuing to affirm its role as one of the most important drivers of growth in the country.
Total exports last year far exceeded expectations and hit $213.8 billion, up 21.1 percent from a year earlier and three times higher than the set target. Exports in 2018 are expected to maintain strong growth thanks to an improving global economy and growing shipments of high-tech products.
In 2017, the fastest growth was seen in mobile phones, electronics and computers, garment products and machinery and equipment, which have become the new major exports of Vietnam, accounting for a combined 39.2 percent of the total revenues. The shift in the export structure is expected to remain on-going in 2018.
A shift in export markets was also witnessed with shipments to China surging by 60.6 percent, making China the third largest export market of Vietnam. The United States was the second largest importer of Vietnamese goods, with a share of 19.4 percent, followed by the European Union with 17.9 percent. Notably, in 2017, exports to the Republic of Korea jumped by 31.1 percent, accounting for 7 percent of the total Vietnamese exports, immediately behind Japan and ASEAN.
Such figures indicate a high degree of concentration in Vietnam’s export markets as exports to the six leading markets account for nearly four fifths of the total exports.
With deeper international integration and the implementation of free trade agreements, the role of these six export markets will continue to be strengthened in 2018, but the difference between them may be narrowed and their positions could be swapped in 2018.
The 26.5 percent export growth rate was very impressive as the National Assembly targets the export revenue to expand by just 8-10 percent this year.
Among the total, foreign directed investment (FDI) firms contributed up to $31.86 billion, or 71.72 percent. The proportion of FDI firms in the country’s total export revenue rose by some 1.7 percentage points against the same period last year.
According to the Ministry of Industry and Trade (MoIT), global trade is predicted to grow by 3.9 percent in 2018 and this is expect to help Vietnam’s trade growth.
The MoIT said it will work to devise measures to improve national competitiveness, thus creating a foundation for sustainable exports.
Efforts made by the Government to promote administrative reform, simplify investment procedures and support start-ups, are hoped to create more commodities for export, especially in terms of processing and manufacturing and heavy industry.
Vietnamese exporters of textiles, footwear, machines, equipment, tools and farm and seafood products will continue benefiting from free trade agreements between Vietnam and foreign partners.
Experts forecast besides phones, exports posting high growth in 2018 will be farm produce, textiles and footwear, adding that Vietnam need to develop new products to create breakthroughs in exports, and reduce dependence on FDI enterprises.
Vietnam has 200 trade partners across the world with 29 export markets and 23 import markets.
Among the country’s economic achievements last year, exports emerged as a bright spot, continuing to affirm its role as one of the most important drivers of growth in the country.
Total exports last year far exceeded expectations and hit $213.8 billion, up 21.1 percent from a year earlier and three times higher than the set target. Exports in 2018 are expected to maintain strong growth thanks to an improving global economy and growing shipments of high-tech products.
In 2017, the fastest growth was seen in mobile phones, electronics and computers, garment products and machinery and equipment, which have become the new major exports of Vietnam, accounting for a combined 39.2 percent of the total revenues. The shift in the export structure is expected to remain on-going in 2018.
A shift in export markets was also witnessed with shipments to China surging by 60.6 percent, making China the third largest export market of Vietnam. The United States was the second largest importer of Vietnamese goods, with a share of 19.4 percent, followed by the European Union with 17.9 percent. Notably, in 2017, exports to the Republic of Korea jumped by 31.1 percent, accounting for 7 percent of the total Vietnamese exports, immediately behind Japan and ASEAN.
Such figures indicate a high degree of concentration in Vietnam’s export markets as exports to the six leading markets account for nearly four fifths of the total exports.
With deeper international integration and the implementation of free trade agreements, the role of these six export markets will continue to be strengthened in 2018, but the difference between them may be narrowed and their positions could be swapped in 2018.
Source: http://www.hanoitimes.vn/economy/2018/03/81E0C37E/vietnam-s-phone-exports-continue-posting-two-digit-growth/