Vietnam posts positive export growth with major trade partners
In the first six-month period of 2019, Vietnam’s export climbed 7.1% year-on-year to US$122.42 billion, meeting the target set by the National Assembly for export growth of 7 – 8%.
Local companies have been taking advantage from Vietnam’s current free trade agreements, resulting in positive export growth between the country and its major trading partners, according to Tran Quoc Toan, deputy head of the Department of Foreign Trade under the Ministry of Industry and Trade (MoIT).
Illustrative photo.
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Upon breaking down, Vietnam posted export turnover with Japan of US$9.68 billion, up 9.1% year-on-year; South Korea, US$9.42 billion, up 6%; and ASEAN, US$13.06 billion, up 6.7%.
Notably, Vietnam’s export value with countries members of the Comprehensive Progressive Trans – Pacific Partnership (CPTPP) witnessed sharp year-on-year increases, indicating positive results from commitments between all parties concerned for greater export growth and market diversification.
In the January – June period, Vietnam shipped goods worth US$1.81 billion to Canada, up 31.5% year-on-year and Mexico with US$1.3 billion, up 22.4%.
Five Vietnamese export items with the largest turnover were phone and parts with US$23.47 billion, up 3.8% year-on-year; computers, electronic devices and parts with US$15.5 billion, up 13.9%, textile; and garment with US$15.04 billion, up 9.9%; footwear with US$8.8 billion, up 14.2%; and machinery and equipment with US$8.22 billion, up 6.3%.
As of June, export turnover of the FDI sector reached US$85.7 billion, up 5.7% year-on-year, while domestic sector saw growth rate of 10.4% to US$36.6 billion. Local companies accounted for 30% of total exports in the January – June period, jumping slightly from the 29.1% recorded in the same period last year.
Meanwhile, Vietnam imported goods worth US$120.78 billion, up 8.8% year-on-year, mainly input materials, machinery and equipment for domestic production and exports.
Such positive result have contributed to a trade surplus of US$1.64 billion during the period, with the FDI sector recording a trade surplus of US$16.6 billion and domestic sector a trade deficit of US$14.99 billion.
According to Toan, for Vietnam to achieve the export growth target of 8 – 10% in 2019 to US$263 billion, the average monthly export turnover of the remaining six months should be around US$23 – 23.4 billion.
The last time Vietnam’s export value reached the US$23-billion mark was last August, not to mention current unfavorable trade environment in global market, Toan added.
This would require strong efforts from government agencies to reform administrative procedures and support exporters, Toan said.
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