return icon Vietnamnet.vn

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.

MORE NEWS

HCM City to promote AI in education sector

HCM City will need to promote the application of Artificial Intelligence (AI) in the education sector as part of its effort to become a smart city by 2030, experts said.

Additionally-registered and share-purchased FDI soars sharply in first half of 2022

Despite newly-registered FDI dropping in the first half of the year, additionally-registered and share-purchased investments increased significantly on-year.

Vietnam joins hands with France to renovate Hanoi’s Long Bien bridge

Vietnamese and French experts will join hands to renovate Hanoi City’s deteriorating Long Bien Bridge in the coming months.

Lessons learned from urban railway projects

The urban railway projects that have been and are under construction are all behind schedule, so the total investment must be adjusted.

Prices hit record high, Vietnam earns big money from catfish

Export prices have been escalating in all markets and hitting new records in the US. Vietnam’s catfish export turnover is expected to reach $2.6 billion this year, the highest in history.

Phu Dien Cham Tower in Vietnam sets world record

The central province of Thua Thien – Hue on June 27 held a ceremony to mark WorldKings’ recognition of Phu Dien Tower built by the Cham people as a world record.

Explosive e-commerce growth drives demand for logistics

The rapid growth in e-commerce is driving an unprecedented increase in demand for logistics services, including express delivery services, according to industry insiders.

Local authorities warned of easy discipline when receiving FDI

Experts have pointed out that many localities accept small-scale foreign-invested projects which don’t have much significance to the localities, and allocate too much land to these projects.

Cashew industry faces huge challenges

Vietnam exported over 206,000 tonnes of cashew nuts worth 1.19 billion USD in the first five months of 2022, down 7.81% in volume and 6.81% in value, the Vietnam Cashew Association (VINACAS) reported.

After failed deal with MobiFone, AVG finds new owner

AVG has changed hands, but it has not made an official announcement about the deal.

Hue's Dong Ba Market revamped to lure tourists

Returning to Thua Thien Hue after over two years of lockdown, Luu Hoang Long and his wife, a Vietnamese Australian, chose first to visit Dong Ba Market, the biggest traditional local shopping centre in the ancient royal city of Hue.

Retail giants to sell low-cost products

With powerful financial resources, big retailers are organizing retail chains that sell a wide variety of lower priced goods.

Five directions for internet development in Vietnam

Deputy Minister of Information and Communications Pham Duc Long pointed out five major directions for internet development with an aim of creating a safe, modern and humanitarian digital society at the VNNIC Internet Conference 2022 last week.

Homes for the elderly: new market

Although the population is aging rapidly, the nursing home market in Vietnam remains under-explored.

Vietnam proposes to issue ID cards to people without Vietnamese nationality

Non-Vietnamese nationals living in Vietnam will likely be granted an electronic identification account to perform public administrative procedures.
back_to_top