At the ceremony to announce the Vietnam Import-Export Report 2016 (Photo: VNA) The report also presents the figures for each specific groupof commodities and each market, along with the situation of negotiations on andimplementation of free trade agreements with foreign partners.
Major issues related to the MoIT’s foreign trade management,from mechanisms and policies, trade promotion programmes, measures to promoteexports and remove obstacle for the sector, and efforts for trade facilitationand trade defence, were included in the document.
The report noted that total export revenue in 2016 reached 176.6billion USD, a rise of 9 percent year on year.
MoIT Deputy Minister Tran Quoc Khanh noted that Vietnamstill maintained the growth trend in export despite falling prices and demandin the global market, showing the country’s effective efforts in opening itsmarkets as well as endeavours of the business community.
It is noteworthy that the ratio of processed products inexport increased to nearly 80 percent, reflecting a transform of the sectortowards less export of raw products and more processed ones, including productswith high value, he asserted.
Khanh also noted that exports to major markets such as theEU and the US continued to increase by over 10 percent during last year.
Meanwhile, Tran Thanh Hai, Vice Director of the MoIT’s Exportand Import Administration, assessed that amidst the changing world economy,Vietnam’s export growth of 9 percent is a positive result compared to theprevious year as well as to other countries in the region.
He pointed out that many regional countries suffered fallsin export revenue, including China with 7.7 percent, India with 1.3 percent andMalaysia 4.9 percent, while Thailand saw a slight increase of 0.5 percent.
He noted that the growth of export significantly contributedto improving the payment balance as well as GDP growth, while creating morejobs and selling more products for farmers.
It also reflected the recovery of domestic production, addedHai.
According to him, the export expansion last year also helpedimprove trade balance, with a trade surplus of about 2.52 billion USD,contributing to increasing foreign currency reserve, stabilising prices as wellas the macro economy.
Import of materials, fuel, machinery and equipment servingdomestic production accounted for 88 percent of total import revenue, he said,holding that this shows a positive sign, laying the prerequisite for thedevelopment of import-export as well as the economy in the years ahead.-VNA
VNA
