CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Export growth rate to reach 5-year high
Nguyen Tung 17:13, 2018/05/07
In the first half of April, Vietnam`s export turnover reached a 5-year high of US$64.41 billion, up 22.8% or an increase of US$11.98 billion year on year, said the General Department of Vietnam Customs (GDVC).
For period from 2014 to April 2018, Vietnam has experienced three years with double digit growth rate in export turnover, specifically in 2014 with 16.1%, 2017 with 13.9% and in April 2018 with 22.8%. 
 
Export growth rate to reach 5-year high.
Export growth rate to reach 5-year high.
The export turnover after 4 months is expected to reach US$73.76 billion, up 19% compared to the same period of last year, according to the Ministry of Industry & Trade (MoIT). This percentage would be higher than the growth rate in the same period of 2017 at 16.6%. 

In the coming time, Vietnam's export will continue growing with a number of free trade agreements (FTA) coming into effect. Specifically, the Vietnam - EU Free Trade Agreement (EVFTA), which is scheduled to be signed in 2018 will open a new chapter in trade cooperation between Vietnam and EU members. 

Once completed, the EVFTA will support Vietnam goods export in general and agricultural, forestry and fishery products in particular to gain market shares in this market, thanks to commitments on reducing trade barriers and opening EU market. 

Concurrently, Vietnam agricultural products to EU will continue under the subject of Generalized Scheme of Preferences (GSP) in period 2017 - 2019, which is considered advantage for Vietnamese export companies comparing to others without GSP. 

Additionally, Chinese demands for importing Vietnam's agricultural products for production and consumption will continue growing in 2018, forecasted MoIT. This is an opportunity for Vietnam to facilitate exporting agricultural, forestry and fishery to Chinese market. 

The ASEAN - China FTA took effect will reduce import tariffs of Vietnamese fruits and vegetables to Chinese market to 0%, enhancing Vietnam's products competitiveness at this important market. 

In 2018, MoIT set growth target for export at 10%, significantly higher than the target set by the National Assembly at 7 - 8%. 

During the first four months, Vietnam`s fruit and vegetables export turnover reached US$1.29 billion, up 26.2% year on year, said the MoIT.

Markets such as the US, Australia, Korea or Japan are expected to contribute to the impressive growth of Vietnam's export this year. As such, fruits and vegetables are becoming an advantage of Vietnam's export in international markets. 

It is estimated that in 2018, Vietnam's export of fruits and vegetables will exceed the highest recorded value of rice export of US$3.67 billion in 2012, and before 2025 will reach US$10 billion per year, which is equivalent to the highest recorded value of crude oil export of US$10.4 billion in 2008. 
Comments
Other news
18:45, 2024/11/28
Vietnam, Hesse (Germany) promote high-tech cooperation
Bilateral trade between Vietnam and Hesse has reached around EUR1 billion (US$1.05 billion) annually, accounting for one-tenth of total trade between Vietnam and Germany.
15:34, 2024/11/27
Big discounts on offer at Hanoi's November Promotion Festival
The event is part of the Hanoi Concentrated Promotion Program 2024, held in May, July, and November, attracting up to 2,000 businesses.
17:23, 2024/11/26
Hanoi unveils 150 most popular Vietnamese products and services for 2024
The "Most Popular Vietnamese Products" voting program is part of the city's broader efforts to encourage the consumption of local goods.
16:50, 2024/11/23
Hanoi hosts the Vietnam Regional Specialties Fair 2024
This year's fair will contribute to the promotion of trade and the expansion of typical regional products, especially agricultural and food products that meet export standards.
14:06, 2024/11/20
Hanoi strengthens export competitiveness and trade protection measures
Hanoi will work with the Ministry of Industry and Trade to ensure that businesses and manufacturers are ready for new challenges.
10:49, 2024/11/16
US reiterates Vietnam is not manipulating currency
The US Treasury Department’s positive evaluation underscores Vietnam’s progress in balancing its economic and monetary policies while fostering strong bilateral relations with the US.