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Home / Economy / Trade - Service
Exports remain high potential for growth
Nguyen Tung 12:06, 2018/04/23
Import tariffs for Vietnam`s exports in 2018 will be removed on the basis of commitments for free trade agreements, creating additional advantages for Vietnam`s products, assessed the Ministry of Industry & Trade (MoIT).
MoIT forecasted exports to continue growing, thanks to strong efforts from the government and related government agencies in administrative reform, creating a transparent and favorable business environment. 
 
Exports remain high potential for growth.
Exports remain high potential for growth.
Additionally, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam - EU Free Trade Agreement scheduled to start taking effect in 2019, is promised to be a new attraction for foreign direct investment (FDI).

Vietnam's export, however, will be facing numerous challenges and difficulties in the coming time. Global trade in 2018 is expected to be on the recovery track, but remains risky with uncertainties surrounding frosty trade and economic relation between major economies. 

Protectionism along with anti - trade movements expected to return and be more influential to trade in 2018. Importers also impose more strict regulations on food safety and in term of environmental protection, which are major challenges to Vietnam's export. 

Taking into Vietnam's trade strategy in period 2011 - 2020, with vision to 2030, the MoIT has set up 3 measures to facilitate trade, including measures for suppliers and agricultural production restructuring, strict supervision on supply, and  production in related to market demand; gradually improving agricultural products quality, meeting requirements on quality and food safety. 

Vietnam's trade surplus in the first quarter has gone up to US$2.7 billion, exceeding the previous figure of US$1.3 billion, informed the General Department of Vietnam Custom (GDVC). It is estimated that around 10 categories of goods recorded export turnover of over US$1 billion. 

Top of the list is phones and phone components with US$12.6 billion, up US$5 billion or equivalent to growth rate of 62.3% year on year. Followed by textile with US$6.425 billion, increasing 14.9%; computer, electronics and components reached US$6.334 billion, up 14.1%; footwear is recorded at US$3.444 billion, up 10.6%. 

Agro-forestry - fishery also experienced high growth rate after the first quarter. Despite being imposed high tariffs from the US and European Union (EU), as well as a yellow card from EU for illegal, unreported and unregulated (IUU) fishing, fishery export turnover in the first quarter is estimated at US$1.768 billion, increasing 17.6%; vegetable and fruits of US$970 million, increasing 38.5%; rice of US$745 million, up 38.1%. 

On the opposite direction, import turnover in the first quarter is posted at US$52.87 billion, resulting in a trade surplus of nearly US$2.7 billion in the first quarter, more than double the estimated figure of US$1.3 billion. 

In 2017, Vietnam's total trade turnover exceeded US$425 billion, up 21% compared to the 2016's figure, stated in 2017 trade report of the Ministry of Industry & Trade. 

Adding up to the high turnover was the all-time high trade surplus recorded at US$2.92 billion. 

The impressive growth rate in trade relation between Vietnam and its trading partners in 2017, according to the report, were thanks to a series of measures to facilitate trade, such as administrative reform, improved business environment, removing business conditions, and the implementation of national single window. 
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