Vietnam made over US$122.5 billion in export revenue in the first six months of 2019, up 7.2%, or US$8.21 billion, year-on-year, according to the latest statistics from the General Department of Vietnam Customs.
|A container vessel docks at Cat Lai Port in HCMC's District 2|
The data also shows that domestic firms contributed US$36.7 billion to the total export revenue, a 10.4% year-on-year rise, whereas foreign-invested firms generated US$85.8 billion in export revenue in the six-month period, up 5.7% against the year-ago period.
The top five export earners between January and June were phones and phone parts, generating the highest revenue, at US$23.5 billion; computers and electronics; textiles and garments; footwear; and
machines and equipment.
As of late June, there were 22 items whose export revenue totaled over US$1 billion each, up by one product year-on-year.
Apart from this, 35 out of 45 products saw their export revenue up against the year-ago period. Vegetable and fiber products were listed among the items with export revenue amounting to over US$2 billion in the first six months of the year.
Vietnam has made the most of the free trade agreements (FTA) which it has signed to expand its export markets. The signing of the FTAs has also driven up the market share of Vietnamese products on global markets.
The first six months of the year saw strong growth in Vietnamese exports to the economies that have signed an FTA with Vietnam. The country shipped some US$9.7 billion worth of products to Japan, up
9.1%. Its revenue from exports to South Korea and the ASEAN rose by 6% and 6.7%, respectively.
Vietnam also enjoyed an increase inproduct shipments to some member economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership during the six-month period.
The country’s exports to Canada, Mexico and the United States soared by 31.5%, 22.4% and 27.4% year-on-year, respectively.
Meanwhile, the country spent US$120.9 billion on imports in the first six months, up 8.9% year-on-year. SGT
By increasing processed and high-tech products and taking advantage of free trade agreements, Vietnam’s goods are being increasingly chosen by consumers in the world market.
Vietnam’s exports to the United States have recently soared, bringing about opportunities to both gain more market shares in the states and potential risks.
Vietnam’s export of timber and wood products is expected to reach US$11 billion this year, said Minister of Agriculture and Rural Development Nguyen Xuan Cuong.