Vietnam's export growth expected at 3-4 percent this year

Vietnam’s exports this year could grow by 3-4 percent despite the COVID-19 pandemic, according to the Ministry of Industry and Trade (MoIT).

Vietnam's export growth expected at 3-4 percent this year hinh anh 1

Shrimp processed for export at Minh Phu Seafood Corporation in Hau Giang province. (Photo: VNA)

The ministry said in the first nine months of the year, the country’s export activities still maintained positive growth while many economies in the world and the region saw negative growth. This shows local production activities have gradually recovered after being hit by the pandemic.

Statistics from the ministry showed that the export turnover in January-September period increased by 4.1 percent over the same period last year. Notably, the export turnover in the third quarter of the year reached 80 billion USD, representing an 11 percent year-on-year increase and up 34 percent from the previous quarter.

“This showed that exports have recovered positively in the third quarter of 2020. This recovery focused on the group of processed industrial goods, with the export turnover increasing by 4.7 percent over the same period in 2019, accounting for 84.6 percent of the total export turnover,” said Deputy Minister Do Thang Hai.

Imports decreased by 0.7 percent compared to the corresponding period last year, but turnover decreased in groups that do not serve production, such as less than 9-seat cars; cameras, fruits and vegetables. Meanwhile, imports of mainly raw materials and fuels for production only decreased by 0.3 percent over the same period last year.

Therefore, in the third quarter of 2020, the import turnover reached 68.5 billion USD, up 3 percent over the same period last year and 18.5 percent over the previous quarter, showing that production began to recover, increasing import demand.

Hai said the ministry has reviewed sectors to update and consider solutions to remove difficulties for businesses, promoting production and exports.

Industrial production, exports and domestic trade for the whole year of 2020 are expected to be more positive than the assessment in July.

“Exports to the US and other markets would also have a higher growth rate compared to the beginning of the year due to the increasing demand for consumption in the last months of the year,” he added.

 

EVFTA enhances growth

Vietnam officially implemented the Vietnam – EU Free Trade Agreement (EVFTA) from the beginning of August. The implementation has seen positive results. In addition to seafood, prices of rice exported to the EU have increased compared to before the agreement took effect.

Many other products such as mobile phones, machines, spare parts, garments and textiles, seafood and coffee were also expected to see an increase in export turnover in the European market.

Tran Thanh Hai, Deputy Director of MoIT’s Import-Export Department, said in August, Vietnam’s export turnover to the EU reached 3.25 billion USD, up 4.65 percent over the same period last year. In September, export turnover to this market continued to maintain strong momentum, up about 14.4 percent over the same period last year.

“The positive results showed that the implementation of the EVFTA has helped businesses take advantage of the market, especially in the context that the economy has been heavily affected by COVID-19. Currently, businesses have applied the provisions of the EVFTA,” Hai said.

The ministry would promptly provide information on the market to businesses, through coordinating with trade agencies as well as trade promotion organisations, helping businesses develop better plans.

It would also increase trade promotion and brand building. Recently, many businesses have promoted the application of digital technology in organising trade promotion activities online. The trade facilitation will also continue to be promoted by the MoIT. It would review and simplify regulations on business conditions; as well as co-ordinate with industries to cut logistics costs.

“In the long term, the MoIT would co-ordinate with industries to promote production restructuring to increase high-quality export products, to meet the market’s demand and increase the localisation rate in exports. For agricultural products, the ministry will co-ordinate with the Ministry of Agriculture and Rural Development to promote large scale agricultural production associated with preservation, processing, purchasing and consumption and thereby promote the production linkage,” he added./.VNS

Online exports require professionalism

Online exports require professionalism

Using online platforms to boost exports is the fastest way to bring Vietnamese goods to the world, said business leaders and industry experts.

 
 

Other News

.
Recovery continues
Recovery continues
BUSINESSicon  15/11/2020 

As opposed to that of supply, the recovery of demand remains weaker, which means that the recovery of growth in the coming time will depend largely upon whether consumers can bolster their purchasing power

Gov’t orders solutions to support rice exporters to EU
Gov’t orders solutions to support rice exporters to EU
BUSINESSicon  15/11/2020 

The Government has directed the Ministry of Industry and Trade to coordinate with other relevant agencies to support local enterprises exporting rice to the European Union (EU) to make the most of EVFTA,

Retail spaces left empty as shops go online
Retail spaces left empty as shops go online
BUSINESSicon  15/11/2020 

Although Vietnam has managed to effectively contain the Covid-19 outbreak, many unsuccessful shops have shut down, as retailers have opted to go online to reduce operation costs, with the trend expected to grow further in the coming time.

Amid global uncertainty, even traditional markets may be vulnerable: experts
Amid global uncertainty, even traditional markets may be vulnerable: experts
BUSINESSicon  15/11/2020 

It has been nearly a year since the first coronavirus-infected case was reported in China. There are now nearly 52.5 million infection cases worldwide and more than 1.29 million people have died of the disease.

New decree to prevent transfer pricing, limit thin capitalisation
New decree to prevent transfer pricing, limit thin capitalisation
BUSINESSicon  14/11/2020 

The Government’s recently-issued Decree 132/2020/NĐ-CP would help prevent transfer pricing and limit thin capitalisation to develop a healthy investment market, Deputy Director of the General Department of Taxation Dang Ngoc Minh said.

Proper mechanism needed to attract investors to PPP projects
Proper mechanism needed to attract investors to PPP projects
BUSINESSicon  14/11/2020 

A proper mechanism is needed to attract investors to infrastructure projects implemented following the public-private partnership (PPP) model, experts have said.

Oil fields becoming depleted, difficulties lie ahead
Oil fields becoming depleted, difficulties lie ahead
FEATUREicon  14/11/2020 

Oil and gas companies are struggling to cope with falling prices, oil field depletion, and difficulties in seeking new fields.

Business support packages in the frame for maximum impact
Business support packages in the frame for maximum impact
BUSINESSicon  14/11/2020 

With many businesses becoming gradually exhausted and in critical need of state support, many National Assembly members have asked the government to apply feasible solutions to lift them out of woes.

Curbed inflation eases concerns
Curbed inflation eases concerns
BUSINESSicon  13/11/2020 

The big rise in public investment disbursement will not cause high inflation this year due to a decline in public and business demand and oil price, as well as government efforts to stabilise prices.

Focus on efficiency for new incentives
Focus on efficiency for new incentives
BUSINESSicon  13/11/2020 

A list of sectors that could benefit from special tax incentives in Vietnam would be utilised to grow enthusiasm for overseas investors and, as a result, help to contribute towards luring more high-quality foreign direct investment.

Pressure on the Finance Minister
Pressure on the Finance Minister
FEATUREicon  13/11/2020 

As the holder of the keys of the national treasury, Finance Minister Dinh Tien Dung is facing great pressure.

Demographics, rising income, geopolitical shifts to drive ASEAN’s growth
Demographics, rising income, geopolitical shifts to drive ASEAN’s growth
BUSINESSicon  13/11/2020 

10 ASEAN member states are on the cusp of a tremendous leap forward in socio-economic progress and their growth will be propelled by four mega-forces, including favourable demographics, rising income levels, geopolitical shifts and digital tailwinds.

Local firms told to prepare for RCEP export opportunities
Local firms told to prepare for RCEP export opportunities
BUSINESSicon  13/11/2020 

Vietnamese businesses should prepare to export their products to other ASEAN countries ahead of the possible signing of the Regional Comprehensive Economic Partnership (RCEP) this week. 

Pork prices drop after country flooded with imports
Pork prices drop after country flooded with imports
BUSINESSicon  14/11/2020 

Vietnam spent VND5 trillion ($214.78 million) to import pork in the first nine months of the year, leading to a drop in prices.

Hanoi authorities to inspect farmstay projects, land violations
Hanoi authorities to inspect farmstay projects, land violations
BUSINESSicon  13/11/2020 

The Hanoi People’s Committee has assigned the Department of Natural Resources and the Environment to set up a taskforce to inspect farmstay projects and deal with land law violations.

Daily visits to local e-commerce sites top 3.5 million: VECOM
Daily visits to local e-commerce sites top 3.5 million: VECOM
BUSINESSicon  12/11/2020 

Online shopping traffic in Vietnam so far this year rocketed over 150 percent against a year earlier, with daily visits to e-commerce sites growing to 3.5 million, 

RCEP - A new boost for regional enterprises
RCEP - A new boost for regional enterprises
BUSINESSicon  12/11/2020 

The Regional Comprehensive Economic Partnership (RCEP) agreement, expected to be signed on November 15 within the framework of the 37th ASEAN Summit in Hanoi, 

Enterprises need to be pro-active during the pandemic
Enterprises need to be pro-active during the pandemic
BUSINESSicon  13/11/2020 

Nguyen Bich Lam, former director general of the General Statistics of Vietnam, talks on what Vietnamese enterprises need to do to maintain their business production during the COVID-19 pandemic.

New regulations on cap on loan interest deductions released
New regulations on cap on loan interest deductions released
BUSINESSicon  14/11/2020 

The regulations on the cap on loan interest deductions will cause enterprises to face difficulty as they have small capital and operate mostly with borrowed money.

Black credit leading people to dead end, with no escape from debt
Black credit leading people to dead end, with no escape from debt
BUSINESSicon  12/11/2020 

Covid-19 has caused many people to lose jobs and has paved the way for black credit to emerge.

 
 
 
Leave your comment on an article

OR QUICK LOGIN