Textile products for export (Source: VNA) HCM City (VNA) - Vietnam will seegreat momentum for stronger export growth in the second half of 2018, with its export-importturnover estimated to reach the 500 billion USD benchmark by 2019.
The prediction was given by experts during a workshop held by the VietnamChamber of Commerce and Industry (VCCI) in Ho Chi Minh City on July 20.
According to Nguyen Viet Hung from the General Department of Vietnam Customs(GDC), Vietnam’s import-export value reached 225 billion UDS in the first halfof 2018, up nearly 13 percent year-on-year.
The country’s export turnover increased by 16.3percent year-on-year to nearly 114.2 billion USD in the reviewed period.Meanwhile, it spent 110.8 billion USD on importing goods, up by 9.6percent. The country enjoyed a trade surplus of 3.4 billion USD in thefirst two quarters.
Statistics from the GDC show that Vietnam’s exports structure in 2018 isalmost unchanged compared to 2017, with key exports being phones and electronic components; textiles and garments;and footwear and handbags.
Foreign-invested enterprises continue to be the main driver of Vietnam’s exportgrowth for the year.
According to the Ministry of Industry and Trade,domestic businesses reported a 19.9 percent rise in exports by shipping 33.07billion USD worth of goods abroad in the first half of the year. Meanwhile, FDIenterprises earned 80.86 billion USD from exports, up 14.5 percent from thecorresponding period last year.
Vietnam exports goods to 200 countries and territories over the world, with 27markets reaching an export turnover of over 1 billion USD, and the top 10 largestglobal markets accounting for 88 percent of the country’s export turnover.
The US remained the biggest importer of Vietnamese commodities, followed by theEU, China, Japan, and the Republic of Korea.
Hung said with the positive growth rate reported in the first half of the year– and taking into account that second half import-export growth is alwaysforecast higher than the first half – Vietnam’s import-export turnover islikely to hit 475-477 billion USD, with a trade surplus of around 4.5-5 billionUSD.
Associate Prof. Dr. Tran Dinh Thien, Director of the Vietnam Instituteof Economics, attributed to the positive situation to the growth momentum from 2017.
The structure of Vietnam’s exports is shifting from exploitation sectorsto processing and manufacturing industries, which can help improve the value ofgoods and sustain steady growth, he said.
The increasingly fierce competition among bigeconomies also creates opportunities for Vietnamese enterprises to access nichemarkets, thus further promoting exports, Thien added.
However, VCCI Vice Chairman Doan Duy Khuong pointed out some of the difficultiesfacing the sector as the country’s export turnover is mainly contributed to by FDIfirms, while the trade surplus remains low and unsustainable.
Vietnamese exporters are mainly small- andmedium-sized enterprises, which still cross difficulties in accessing policyand export market information regarding competitors and potential customers, Khuongsaid.
To improve the export value and promote the involvement of Vietnamese firms in theimport-export field, it is necessary to increase the quality and supply ofmarket forecasting, as well as taking measures to solve challenges from the tariffpolicy changes of Vietnam’s key trade partners.
Enterprises were advised to focus on improving their competitiveness through promotingtechnological application in production and being active in capturing markettrends for sustainable development.-VNA
VNA
