Illustrative image (Source: VNA)
 
Hanoi (VNA) - Vietnam’s export turnover is expected to set a new record in 2018, estimated at 244 billion USD, up 30 billion USD compared to 2017.

In the first 10 months of 2018, the export turnover hit over 200 billion USD,up 14.2 percent against the same period last year, according to the General Statistics Office (GSO). 

Export revenue of the domestic economic sector rose 16.8 percent, reaching 56.82 billion USD, while that of the foreign direct investment (FDI) sector expanded 13.2 percent to 143.45 billion USD, up 13.2 percent, accounting for 71.6 percent of the total turnover. 

Many key exports gained high growth, with computers, electronics and components(up 13.9 percent), textiles and garments (over 17 percent), and machinery, equipment and spare parts (over 28 percent).

Growth was also seen in the earnings from farm produce, including fruits and vegetables (up 14.4 percent to 3.3 billion USD), coffee (1.1 percent to 3 billion USD) and rice (up 16.1 percent to 2.6 billion USD).

However, crude oil export in the period fell in both value and volume compared to last year, reaching only 1.8 billion USD, down 24.8 percent in value and 45.4 percent in volume. 

According to Tran ThanhHai, deputy head of the Export-Import Department under the Ministry of Industry and Trade, Vietnam is well exploiting traditional export markets and seeking new ones.

More and more Vietnamese firms are paying attention to taking advantage of opportunities from free trade agreements (FTA) that Vietnam hassigned.

According to the Ministry of Agriculture and Rural Development, the export turnover of the group of agricultural products is forecast to exceed the goal of 40 billion USD. It is attributed to the rapid and sustainable growth of agricultural production nationwide.

Vietnam is the 15th largest exporter of agricultural products in the world.

Minister of Industry and Trade Tran Tuan Anh said Vietnamese firms have worked hard to actively build brand names and promoting their products, contributing to raising the position of Vietnamese goods in international markets, towards increasing export in the time to come.

He affirmed that more efforts would be made to accelerate administrative reform, remove difficulties, andcut down business conditions, especially simplify export procedures, thus supporting exporters.-VNA