Vietnam to see export growth as global demand recovers. (Photo chinhphu.vn) Hanoi (VNS/VNA) - Global demandfor goods is recovering and this is an opportunity for Vietnam to boost itsexports of consumer and industrial products, according to the Ministry ofIndustry and Trade (MoIT).
The ministry forecasts that Vietnam’s import and export activities willcontinue to increase in the coming months as free trade agreements (FTAs) aregradually being implemented in a more comprehensive and effective manner.
Those agreements will continue to create conditions for Vietnamese goods toenter to partner markets with preferential tariffs, including the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam FreeTrade Agreement (EVFTA) and the UK-Vietnam Free Trade Agreement (UKVFTA).
Besides that, export prices for many kinds of goods are also tending toincrease, especially Vietnam's key export commodities, according to theministry.
However, Deputy Minister of Industry and Trade Do Thang Hai said import andexport activities may be negatively affected by the COVID-19 outbreak in manylocalities, especially localities in the northern region with the largest tradevalue such as Bac Giang, Bac Ninh and Hanoi.
Meanwhile, Asia continues to be a hot spot with a rapidly increasing number ofnew COVID-19 cases, causing a series of countries and territories such asIndia, Japan, Taiwan, Indonesia and Thailand to promote measures to control thepandemic.
"In this situation, domestic enterprises must improve competitiveness andadaptability to overcome difficulties and seize opportunities," Hai toldchinhphu.vn.
The ministry has requested its agencies and departments, and Vietnam’s TradeOffices abroad, to provide updates on the COVID-19 pandemic which may affecttrade and economic cooperation between Vietnam and other countries.
It has also proposed measures on maintaining and developing export markets andsupporting local businesses to find and import raw materials and components forstable production of export products in the future.
For the exports of farming, forestry and seafood products, the industry andtrade departments of Hanoi, Hai Duong, Lang Son, Quang Ninh and Lao Cai shouldconsider arranging more working hours, including working on Saturdays, Sundaysand holidays, based on the issuing of the certification of origin (C/O) forthose export products, especially agricultural products in localities affectedby the pandemic such as lychees in Bac Giang and Hai Duong provinces.
Meanwhile, the import-export departments in the northern border areas are askedto closely monitor the customs clearance of goods at the border gates andreport signs of goods stuck at the border gates to the ministry.
According to the ministry, the total trade value of goods in the first fivemonths of 2021 increased by 33.5 percent year on year to 262.25 billion USD,although trade activities and production of export goods in May were affectedby the fourth outbreak of the COVID-19 pandemic.
Specifically, in the first five months of 2021, the export value of goods wasat 130.94 billion USD, up 30.7 percent over the same period last year.
Especially, the group of 22 items with export value of over 1 billion USD continuedto hold stable exports, accounting for 87.3 percent of total export value. Ofwhich, six items achieved export turnover of over 5 billion USD.
The group of phones and components had the largest export value of 21.9 billionUSD, up 19.6 percent over the same period last year, accounting for 16.7 percentof total export value.
Following were electronics, computers and components (19.5 billion USD, up 26percent); machinery, equipment, tools and spare parts (4.9 billion USD, up 74.8percent); textiles and garments (12.2 billion USD, up 15 percent); footwear (8.5billion USD, up 26.4 percent); and timber and wood products (6.6 billion USD,up 61.3 percent).
The United States continued to be Vietnam's largest export market with aturnover of 37.6 billion USD, up 49.8 percent over the same period last year;followed by China with 20.1 billion USD, up 26 percent.
Other large export markets of Vietnam included the EU (16.1 billion USD, up20.8 percent); ASEAN (11.5 billion USD, up 23.6 percent); the Republic of Korea(8.9 billion USD, up 17.1 percent); and Japan (8.4 billion USD, up 7.7 percent).
The ministry also reported that import activities increased strongly in thefirst five months thanks to the production expansion of the manufacturingsector. That was a good sign showing the recovery of domestic consumer demand.
In the first five months of 2021, Vietnam’s import turnover of products wasestimated at 131.31 billion USD, up 36.4 percent over the same period lastyear./.
VNA
