Reports from the General Department of Customs showed that the country’s export value in the first two weeks of February reached $9.2 billion, with three products posting more than $1 billion each (mobile phones and parts with $1.8 billion, textile and garment with $1.34 billion, and electronic products and parts with $1.03 billion).
Textile and garment exports earned US$1.34 billion until February 15
|
In the first half of February, the country spent $7.75 billion on imports, increasing the total import value until February 15 to $27.72 billion, up 29.4% year-on-year.
Thanks to the strong growth in exports, Vietnam had a trade surplus of $1.66 billion until February 15.
Such positive signs offer hope of another flourishing year for the Vietnamese export sector after emerging as a bright spot and affirming its role as one of the most important drivers of the country’s growth last year.
Total exports last year far exceeded expectations and hit $213.8 billion, up 21.1%on-year and three times higher than the set target. The fastest growth was seen in mobile phones, electronics and computers, garment products, and machinery and equipment, which have become Vietnam’s new major exports accounting for a combined 39.2% of the total revenue. The shifting trend in the export structure is expected to keep going in 2018.
A shift in export markets was also witnessed, with shipments to China surging by 60.6%, making it Vietnam’s third largest export market. The United States retained its position as the largest importer of Vietnamese goods, with a share of 19.4%, followed by the European Union with 17.9%. Notably, in 2017, exports to the Republic of Korea jumped by 31.1%, making up 7% of the total exports, just behind Japan and the ASEAN.
Vietnam’s export growth in 2018 is hoped to be 8-10% higher than in 2017 and the country aims to keep its trade deficit below 3% of the total export revenue, according to a plan set by the National Assembly and the government.
The Ministry of Industry and Trade (MoIT) said global trade is predicted to grow by 3.9% in 2018 and this is expected to help Vietnam's trade growth. MoIT will work to devise measures to improve national competitiveness, thus creating a foundation for sustainable exports.
Besides, the government’s efforts to promote administrative reform, simplify investment procedures, and support startups are hoped to create more commodities for export, especially in the processing, manufacturing, and heavy industries.
Vietnamese exporters of textiles, footwear, machines, equipment, tools, and farm and seafood products will continue benefiting from free trade agreements between Vietnam and foreign partners.
Experts forecast that export lines posting high growth in 2018 will be farm produce, textiles, and footwear, adding that Vietnam needs to develop new products to create breakthroughs in exports and reduce dependence on FDI enterprises.
Vietnam has 200 trade partners across the world with 29 export markets and 23 import markets.
