Vietnam’s export turnover is estimated to be 119.97 billion USD in the 11-month period, a year-on-year increase of 15.1 percent, making the annual target of 132 billion USD more achievable.

The Ministry of Industry and Trade calculates the country’s November export earnings to be 12 billion USD.

The overall figure is largely contributed by exporting industrial processed goods (84.57 billion USD), agricultural and aquatic products (18 billion USD), and minerals (8.62 billion USD).

As of November 15, Vietnam’s export turnover saw a yearly increase of nearly 15.77 billion USD, 99 percent of which was from earnings by foreign direct invested (FDI) businesses. Export turnover of FDI firms reached 70.43 billion USD, soaring 28.5 percent from a year earlier and accounting for 61.6 percent of the country’s total export value.

Meanwhile, imports over the last 11 months are estimated to be 120.26 billion USD, representing a 15.9 percent rise against the same period last year, making the trade deficit (287 million USD) represent 0.24 percent of export turnover.

The trade gap this year is predicted to be 500 million USD, accounting for 0.38 percent of total export turnover.

Up to 85 percent of import activities were also conducted by FDI businesses. The most imported goods were computers, electronic products, phones of all types and components.

Although Vietnamese products are gaining a certain foothold in the global market, they are mainly low value added products such as raw materials and processed or assembled goods.

It is due to the fact that the country depends on its favourable natural conditions and low labour costs. Plus, the current export policy focuses too much on quantity, not on quality and effectiveness.

Experts said to tackle such problems, Vietnam should keep expanding its export market, reduce the import of non-essential and luxury goods, and build a concrete policy on developing the domestic market.

Additionally, the country is required to cut down the export of raw products and increase the proportion of goods that it creates on its own.-VNA