Illustrative image (Source: VNA)Hanoi (VNA) – Vietnam’s export value in the first ten months reached 144.1 billion USD, up 7.2 percent from the same period last year, according to the Ministry of Industry and Trade (MoIT).
Of the amount, the domestic sector earned 41.4 billion USD, up 4.9 percent, and the foreign-invested sector 102.7 billion USD, an increase of 8.1 percent year on year.
However, the growth of export value is below expectations, 1.3 percentage points lower than the growth rate recorded in the same period last year, mainly due to low global demands, increasing protectionism and the decline of the export commodity prices.
At the same time, the 7.9-percent increase in the export of seafood and agricultural products and the 4.9-percent growth of the domestic sector were good signs.
The United States remains Vietnam’s biggest importer, accounting for 22 percent of total export value and posting a growth of 15 percent, followed by the European Union with a share of 19 percent and an increase of 7.4 percent.
China is third with a share of 12 percent and a growth of 23.9 percent and.
The export growth in Vietnam’s main markets showed that the nation’s efforts to focus on key markets have paid off.
Sales to some traditional markets in the region have declined mainly because of the decrease in oil exports, both in volume and price.
The country posted a trade surplus of 3.5 billion USD, equal to 2.4 percent of total export value.
The country’s import value increased 1.9 percent in the same period fueled mainly by strong import of input materials for processing for export. Vietnam imported the bulk of goods from China, the Republic of Korea, ASEAN, the EU and the US.
In order to boost exports in the last two months of the year, the MoIT will implement a project encouraging Vietnamese enterprises to participate in the global distribution network.
For highly competitive goods with stable markets, the MoIT will boost trade promotion activities, expand export markets and build brands.
The MoIT will carry out training and information dissemination on foreign markets as well as trade deals Vietnam has signed to enhance businesses’ awareness of tariff incentives and regulations on origins of goods.-VNA
