English
Vietnam’s trade revenue hit nearly US$145 billion
The Hanoitimes – The country’s total import-export turnover in the first four months of this year rose 14.4 percent year-on-year to US$144.13 billion, the General Department of Customs reported.
In April alone, the value was $35.7 billion, of which $18.2 billion came from exports, a month-on-month decrease of 13.9 percent.
With a trade surplus of $700 million last month alone, the country had a total trade surplus of $3.39 billion by the end of April.
Vietnam’s major export staples in the first fourth months included mobile phones and components, garments-textiles, computers and electronic components, machines and equipment, footwear, transport vehicles and accessories, timber and wooden products, aquatic products, coffee, and iron and steel.
In the period, the country imported mainly computers and electronic components, machines and equipment, and mobile phones and components.
Vietnam’s export growth this year is targeted to rise by 8-10 percent against last year. The Ministry of Industry and Trade said global trade is predicted to grow by 3.9 percent in 2018 and this is expect to help Vietnam’s trade growth significantly.
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 forecasted that 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.
According to the Ministry of Agriculture and Rural Development, farm produce expected to earn export revenue of more than $21 billion this year, a year-on-year increase of 2.2-2.3 percent.
Localities around Vietnam will continue shifting their crop structure to grow more profitable crops that are adaptive to climate change, such as corn and fruit and vegetables, and will develop aquaculture, especially in the northern, south-central, and central highlands regions.
Meanwhile, the leather and footwear industry targeted to fetch $20 billion from exports this year, rising 10 percent against last year.
According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is destined to increase by 5 percent from one year earlier, with the localization rate of 55 percent.
Footwear and handbags will remain Vietnam’s top four and 10 export items, respectively.
To actualize the target, the association has been urged to engage in relevant policy making, attract more foreign and domestic investment in support industry, thus increasing the localization rate and ensuring sustainable development.
Trade promotion events, workshops, and training classes are planned to improve the management capability of enterprises, and attend international trade fairs.
The Ministry of Industry and Trade also said it will work to devise measures to improve national competitiveness, thus creating a foundation for sustainable exports.
Vietnam’s export-import turnover hit $400 billion last year, representing a fourfold increase in ten years. The country first achieved $100 billion in foreign trade value in 2007, the year it joined the World Trade Organization (WTO). The figure rose to $200 billion in 2011, and $300 billion in 2015.
According to the WTO, in 2006, Vietnam’s total export and import turnover ranked 50th and 44th in the world. In 2015, the nation jumped 23 and 16 steps, occupying 27th and 28th positions, respectively.
At present, Vietnam has 30 export groups with an annual turnover of at least $1 billion each, including textiles, leather, footwear, coal and crude oil.
Vietnam has trade relations with more than 200 countries and territories around the world, gradually moving import-export markets from Asia to Europe and America.
Vietnam’s major export staples in the first fourth months included mobile phones and components, garments-textiles, computers and electronic components, machines and equipment, footwear, transport vehicles and accessories, timber and wooden products, aquatic products, coffee, and iron and steel.
In the period, the country imported mainly computers and electronic components, machines and equipment, and mobile phones and components.
Vietnam’s export growth this year is targeted to rise by 8-10 percent against last year. The Ministry of Industry and Trade said global trade is predicted to grow by 3.9 percent in 2018 and this is expect to help Vietnam’s trade growth significantly.
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 forecasted that 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.
According to the Ministry of Agriculture and Rural Development, farm produce expected to earn export revenue of more than $21 billion this year, a year-on-year increase of 2.2-2.3 percent.
Localities around Vietnam will continue shifting their crop structure to grow more profitable crops that are adaptive to climate change, such as corn and fruit and vegetables, and will develop aquaculture, especially in the northern, south-central, and central highlands regions.
Meanwhile, the leather and footwear industry targeted to fetch $20 billion from exports this year, rising 10 percent against last year.
According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is destined to increase by 5 percent from one year earlier, with the localization rate of 55 percent.
Footwear and handbags will remain Vietnam’s top four and 10 export items, respectively.
To actualize the target, the association has been urged to engage in relevant policy making, attract more foreign and domestic investment in support industry, thus increasing the localization rate and ensuring sustainable development.
Trade promotion events, workshops, and training classes are planned to improve the management capability of enterprises, and attend international trade fairs.
The Ministry of Industry and Trade also said it will work to devise measures to improve national competitiveness, thus creating a foundation for sustainable exports.
Vietnam’s export-import turnover hit $400 billion last year, representing a fourfold increase in ten years. The country first achieved $100 billion in foreign trade value in 2007, the year it joined the World Trade Organization (WTO). The figure rose to $200 billion in 2011, and $300 billion in 2015.
According to the WTO, in 2006, Vietnam’s total export and import turnover ranked 50th and 44th in the world. In 2015, the nation jumped 23 and 16 steps, occupying 27th and 28th positions, respectively.
At present, Vietnam has 30 export groups with an annual turnover of at least $1 billion each, including textiles, leather, footwear, coal and crude oil.
Vietnam has trade relations with more than 200 countries and territories around the world, gradually moving import-export markets from Asia to Europe and America.
Source: http://www.hanoitimes.vn/economy/2018/05/81E0C5D3/vietnam-s-trade-revenue-hit-nearly-us-145-billion/