Ministry predicts 2017 export growth

A Samsung Electronics earphone production line in Vietnam. Telephones and spare part exports are expected to reach 39 billion USD this year, representing a 13 percent year-on-year rise (Photo: VNA

Last year, Vietnam’s total export turnover was 175.9 billion USD, an increase of 8.6 percent over the previous year. Therefore, the ministry has set an export turnover target of 188 billion USD for 2017, or 6.9 percent higher than last year.

The ministry said telephones and spare part exports were expected to reach 39 billion USD, representing a 13 percent year-on-year rise, and the products with highest export turnover in 2017.

The garment and textile products would follow with export turnover of 25 billion USD or 6 percent higher than that of last year.

Electronics, computers and spare parts are forecast to achieve export turnover of 22 billion USD, increasing 19 percent from last year.

The exports of shoes, seafood and fruits would also contribute high export turnovers of 14 billion USD, 7.5 billion USD, and 3 billion USD respectively.

Minister Tran Tuan Anh believes that in 2017, import-export turnover would continue to increase thanks to the signing of a number of free trade agreements (FTAs) and FDI inflows shifting from other countries to Vietnam. Participation in the ASEAN Economic Community would also bring opportunities to the country by expanding its export markets as well as increasing competitiveness.

Statistics from the ministry showed that last year Vietnam exported 25 products, with turnover of more than 1 billion USD each.

In 2016, the country reported a trade surplus of 2.68 billion USD, accounting for 1.52 percent of its total import-export turnover.

Vietnam’s export turnover to its traditional markets including Asia, Europe and the US saw positive growth last year. The export turnover to the US saw the highest growth rate of 13.2 percent, followed by Europe with 11.3 percent and Asia with 6.9 percent.-VNA