Vietnam expects to see export growth in rising global demand

Global demand for goods is recovering and this is an opportunity for Vietnam to boost its exports of consumer and industrial products, according to the Ministry of Industry and Trade (MoIT).

Vietnam expects to see export growth in rising global demand
The group of phones and components had the largest export value of $21.9 billion, up 19.6 per cent over the same period last year. Photo chinhphu.vn

The ministry forecasts that Vietnam's import and export activities will continue to increase in the coming months as free trade agreements (FTAs) are gradually being implemented in a more comprehensive and effective manner.

Those agreements will continue to create conditions for Vietnamese goods to enter to partner markets with preferential tariffs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam Free Trade Agreement (EVFTA) and the UK-Vietnam Free Trade Agreement (UKFTA).

Besides that, export prices for many kinds of goods are also tending to increase, especially Vietnam's key export commodities, according to the ministry.

However, deputy minister of industry and trade Do Thang Hai said import and export activities may be negatively affected by the COVID-19 outbreak in many localities, especially localities in the northern region with the largest trade value such as Bac Giang, Bac Ninh and Hanoi.

Meanwhile, Asia continues to be a hot spot with a rapidly increasing number of new COVID-19 cases, causing a series of countries and territories such as India, Japan, Taiwan, Indonesia and Thailand to promote measures to control the pandemic.

"In this situation, domestic enterprises must improve competitiveness and adaptability to overcome difficulties and seize opportunities," Hai told chinhphu.vn.

The ministry has requested its agencies and departments, and Vietnam’s Trade Offices abroad, to provide updates on the COVID-19 pandemic which may affect trade and economic cooperation between Vietnam and other countries.

It has also proposed measures on maintaining and developing export markets and supporting local businesses to find and import raw materials and components for stable production of export products in the future.

For the exports of farming, forestry and seafood products, the industry and trade departments of Hanoi, Hai Duong, Lang Son, Quang Ninh and Lao Cai should consider arranging more working hours, including working on Saturdays, Sundays and holidays, based on the issuing of the certification of origin (C/O) for those export products, especially agricultural products in localities affected by the pandemic such as lychees in Bac Giang and Hai Duong provinces.

Meanwhile, the import-export departments in the northern border areas are asked to closely monitor the customs clearance of goods at the border gates and report signs of goods stuck at the border gates to the ministry.

According to the ministry, the total trade value of goods in the first five months of 2021 increased by 33.5 per cent year on year to US$262.25 billion, although trade activities and production of export goods in May were affected by the fourth outbreak of the COVID-19 pandemic.

 

Specifically, in the first five months of 2021, the export value of goods was at $130.94 billion, up 30.7 per cent over the same period last year.

Especially, the group of 22 items with export value of over $1 billion continued to hold stable exports, accounting for 87.3 per cent of total export value. Of which, six items achieved export turnover of over $5 billion.

The group of phones and components had the largest export value of $21.9 billion, up 19.6 per cent over the same period last year, accounting for 16.7 per cent of total export value.

Following were electronics, computers and components ($19.5 billion, up 26 per cent); machinery, equipment, tools and spare parts ($4.9 billion, up 74.8 per cent); textiles and garments ($12.2 billion, up 15 per cent); footwear ($8.5 billion, up 26.4 per cent); and timber and wood products ($6.6 billion, up 61.3 per cent).

The United States continued to be Vietnam's largest export market with a turnover of $37.6 billion, up 49.8 per cent over the same period last year; followed by China with $20.1 billion, up 26 per cent.

Other large export markets of Vietnam included the EU ($16.1 billion, up 20.8 per cent); ASEAN ($11.5 billion, up 23.6 per cent); South Korea ($8.9 billion, up 17.1 per cent); and Japan ($8.4 billion, up 7.7 per cent).

The ministry also reported that import activities increased strongly in the first five months thanks to the production expansion of the manufacturing sector. That was a good sign showing the recovery of domestic consumer demand.

In the first five months of 2021, Vietnam’s import turnover of products was estimated at $131.31 billion, up 36.4 per cent over the same period last year.

VNS

Upbeat export-import picture in early 2021

Upbeat export-import picture in early 2021

Many of Vietnam’s growth engines have posted impressive export-import performance, with Ho Chi Minh City, Bac Ninh, and Binh Duong being the top performers.

Trade with China: $20 billion in exports, $43 billion in imports

Trade with China: $20 billion in exports, $43 billion in imports

Vietnam’s import and export activities in May were affected by the fourth Covid-19 wave, but they still increased generally.

 
 

Other News

.
VN stock market hits record, big names rise
VN stock market hits record, big names rise
FEATUREicon  14/07/2021 

The Vietnamese stock market in the first half (H1) of 2021 broke many records.

Aviation sector eyes recovery in 2023-24
Aviation sector eyes recovery in 2023-24
BUSINESSicon  14/07/2021 

Vietnam's aviation market is hoped to recover in 2023-24, according to a Vietnam Airlines' representative.

Exporters face slew of difficulties due to COVID
Exporters face slew of difficulties due to COVID
BUSINESSicon  14/07/2021 

Though exports remain strong, several sectors face difficulties due to the COVID-19 pandemic and require support from the Government if they are to sustain the growth, experts said.

Ministry proposes reduction in insurance deposits for travel firms
Ministry proposes reduction in insurance deposits for travel firms
BUSINESSicon  14/07/2021 

The Ministry of Culture, Sports and Tourism wants to reduce the value of insurance deposits by 80 per cent to help travel companies that are struggling because of COVID-19.

Mekong Delta: attractive destination for renewable energy development
Mekong Delta: attractive destination for renewable energy development
BUSINESSicon  14/07/2021 

Taking advantage of its natural conditions and investment attraction policies, the Cuu Long (Mekong) Delta has become a destination for investors in renewable energy projects.

Banks agree to reduce lending interest rates from July
Banks agree to reduce lending interest rates from July
BUSINESSicon  14/07/2021 

Commercial banks have agreed to slash the lending interest rate in order to help businesses and people overcome the difficulties caused by the Covid-19 crisis.

Industrial real estate market hit hard by fourth Covid wave
Industrial real estate market hit hard by fourth Covid wave
FEATUREicon  14/07/2021 

The latest Covid-19 outbreak, which began in late April, has slowed down the industrial real estate market. There have been only small-scale projects and no large scale one announced.

Banks lending big to keep agriculture sector ticking
Banks lending big to keep agriculture sector ticking
BUSINESSicon  14/07/2021 

According to the State Bank of Vietnam’s department of credit for economic sectors, as of April credit injected into rural and agricultural development had reached VND2.3 quadrillion ($100 billion), or 24.6% of the banking sector’s total loans.

IFC helps boost green credit in Vietnam
IFC helps boost green credit in Vietnam
BUSINESSicon  14/07/2021 

The International Finance Corporation (IFC) has provided a 100 million USD long-term loan for the Orient Commercial Joint Stock Bank (OCB) to increase the private sector’s contributions to green and sustainable growth in Vietnam.

Hotels as 5-star quarantine sites: new way to make profit
Hotels as 5-star quarantine sites: new way to make profit
FEATUREicon  14/07/2021 

For over the past year, one of the largest 5-star hotels in Ha Long City, Quang Ninh Province, has been used as a quarantine site for visitors who enter Vietnam by air. 

Businesses in HCM City, Long An suspend operations to prevent spread of COVID-19
Businesses in HCM City, Long An suspend operations to prevent spread of COVID-19
BUSINESSicon  13/07/2021 

Authorities in HCM City and Long An Province have suspended operations of a number of businesses so that epidemic prevention measures can be carried out.

Shares nosedive on panic sell-off
Shares nosedive on panic sell-off
BUSINESSicon  13/07/2021 

Vietnamese shares plunged on Monday as panic selling flooded the market, following surging COVID-19 cases, reinforcing fears of further economic pain from restrictions induced by the virus.

Vietnam is second-fastest growing stock market with multi-billion dollar records: report
Vietnam is second-fastest growing stock market with multi-billion dollar records: report
BUSINESSicon  13/07/2021 

The State Securities Commission (SSC) has reported that Vietnam was the second-fastest growing stock market in the first half of the year, despite the fourth Covid-19 outbreak.

Vietnam Airlines resumes several international routes as of mid-July
Vietnam Airlines resumes several international routes as of mid-July
BUSINESSicon  12/07/2021 

Vietnam Airlines announced on July 12 that it will reopen international routes from the country to a number of destinations in Asia, Europe, and Australia between July and October.

Banks make huge profits, hope interest rate reductions are far off
Banks make huge profits, hope interest rate reductions are far off
FEATUREicon  13/07/2021 

Banks have reported huge profits for Q2 and H1 due to high credit growth rates and lending interest rates, while capital mobilization cost has been low.

GDP still grows in midst of tribulations among the poor, businesses
GDP still grows in midst of tribulations among the poor, businesses
FEATUREicon  13/07/2021 

Do GDP calculations take into account the fact that a taxi driver gets poorer by 10 times more as he has to spend VND100,000 on nCoV testing a day, and informal workers have no access to cheap meals in HCM City?

Coal conundrum ahead forces Vietnam to rethink priorities
Coal conundrum ahead forces Vietnam to rethink priorities
BUSINESSicon  12/07/2021 

While the pressure on the environment and issues like climate change are increasing, it remains difficult for Vietnamese companies and the government to turn away from fossil fuels completely.

Debt under control thanks to prudent and effective actions
Debt under control thanks to prudent and effective actions
BUSINESSicon  12/07/2021 

Effective usage of the state budget has helped Vietnam succeed in bringing public debt under control since 2016, ensuring national financial security.

VIETNAM BUSINESS NEWS JULY 13
VIETNAM BUSINESS NEWS JULY 13
BUSINESSicon  13/07/2021 

Khanh Hoa proposes developing Van Phong-Nha Trang expy project

Vietnam spends nearly $2 billion importing meat
Vietnam spends nearly $2 billion importing meat
BUSINESSicon  12/07/2021 

Vietnam's total import turnover of livestock products in the first six months of 2021 is estimated at US$1.82 billion, a year-on-year increase of 8.9 per cent.

 
 
 
Leave your comment on an article

OR QUICK LOGIN