Vietnamese products taking on the world

Hanoi (VNS/VNA) - Vietnamese products have entered over 200 markets around the world including markets with strict import regulations and standards such as the EU, Japan, the Republic of Korea and the US, according to a recent report released by the Ministry of Industry and Trade.

Vietnam has also quickly improved its ranking among export economies. The country jumped 24 places to rank 26th among the world’s largest exporters last year from 50th place in 2007.

In 2007, Vietnam had only 14 markets with export-import turnover value exceeding 1 billion USD, with the only 10 billion USD market being the US. By the end of the last year, the country had four 10 billion USD markets and 31 markets with 1 billion USD in export-import turnover.

In addition, Vietnamese products have found their way into markets in different parts around the world. Last year, 23.4 percent of Vietnamese products (in term of value) were exported to markets in America, 18.4 percent to Europe and 53.6 percent to Asia, compared to 2007’s figures, which were 13.4 percent, 15.2 percent and 65.8 percent, respectively.

By the end of October, the US remained Vietnam’s biggest importer followed by China, ASEAN, Japan and the RoK. Export value to relatively new markets such as Russia, New Zealand and Canada has increased year-on-year by 13.9 percent, 12.5 percent and 30.9 percent, respectively.

The report, however, pointed out shortcomings and limitations of Vietnamese products such as low level of diversification among agricultural exports and high vulnerability to changes in markets.

The ministry said it has made a number of recommendations to the Government to help build the country’s strategy to boost exports for the 2015-20 period, with a focus on increased diversification of products and new markets.

Vietnam’s exports were estimated at over 217 billion USD during the first ten months of 2019, up 7.4 percent annually, or 82.5 percent of the year’s target, staying on track for a growth rate of 7-8 percent for the year.

Trade surplus was estimated at 7.05 billion USD, higher than the 6.83 billion USD recorded last year.

The ministry’s data showed 29 groups of commodities raked in over 1 billion USD with five of them earning more than 10 billion USD, namely mobile phones and spare parts (43.5 billion USD), electronics, computers and accessories (28.8 billion USD), apparel (27.4 billion USD), footwear (14.6 billion USD), and machinery, equipment and tools (14.6 billion USD). Together they accounted for 59.4 percent of the country’s total exports.

Should the current trend continue, 2019 looks to be the fourth consecutive year the Vietnamese economy shifts from a deficit to a trade surplus./.