Business

Vietnam’s export turnover to expand 8-10 pct in 2018

Vietnam’s export growth in 2018 is hoped to be 8-10 percent higher than in 2017, according to a plan set by the National Assembly and the Government.
Vietnam’s export turnover to expand 8-10 pct in 2018 ảnh 1Processing Tra fish for export in Vinh Hoan JSC, Dong Thap province (Source: VNA)

Hanoi (VNA) – Vietnam’s exportgrowth in 2018 is hoped to be 8-10 percent higher than in 2017, according to aplan set by the National Assembly and the Government.

The country aims to keep its trade deficit below3 percent of total export revenue.

Reports from the Ministry of Industry and Trade (MoIT) show that Vietnam earned 19 billion USD from exports in January 2018, up33.1 percent compared with the same period last year. 

Export revenue of thedomestic economic sector rose 31.6 percent, reaching 5.41 billion USD whilethat of the foreign direct investment (FDI) sector expanded 33.7 percent to 13.6billion USD. 

Notably, the processed industry’s export turnover reached 15.62 billion USD, ayear-on-year increase of 34.6 percent, accounting for 82.2 percent of total exports. 

Items mainly contributingto the export turnover in the period were phones and spare parts, garment-textiles,electronic products, computers, footwear, machines, equipment and tools.

Asia was Vietnam’s largestexport market with total turnover of 10.81 billion USD, up 54.4 percentyear-on-year, followed by Oceania, America and Europe with respective growth of31.1 percent, 17.5 percent and 7.4 percent.

Meanwhile, Vietnam’s exports to Africa fell 9.5 percent compared to the sameperiod last year.

China remained the largestimport market of Vietnam with turnover of 5.7 billion USD, up 45.6 percentyear-on-year. It was followed by the Republic of Korea, ASEAN, Japan, the EUand the US. 

The ministry said global trade is predicted to grow by3.9 percent in 2018 and this is expect to help Vietnam's trade growth.
 
The MoIT will work to devise measures to improvenational competitiveness, thus creating a foundation for sustainable exports.

Efforts made by the Government to promote administrative reform, simplifyinvestment procedures and support start-ups, are hoped to create morecommodities for export, especially in terms of processing and manufacturing andheavy industry.

Vietnamese exporters of textiles, footwear, machines,equipment, tools and farm and seafood products will continue benefiting fromfree trade agreements between Vietnam and foreign partners.

Experts forecasted that exports posting high growth in 2018 will be farmproduce, textiles and footwear, adding that Vietnam need to develop new productsto create breakthroughs in exports, and reduce dependence on FDI enterprises.

Vietnam has 200 trade partners across the world with 29 export markets and 23import markets.-VNA




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