Vietnam’s exports are expected to reach more than US$212 billion for the first time this year, much higher than the $176 billion recorded last year, said Duong Duy Hung, head of the Ministry of Industry and Trade (MoIT)’s Planning Department.

Viet Nam’s exports are expected to reach more than US$212 billion for the first time this year, much higher than the $176 billion recorded last year.

The country is forecast to post a trade surplus of $3 billion this year, contributing to stabilising the macro-economy, curbing inflation and achieving all 13 socio-economic targets set by the Government. The growth is mostly attributable to agro-forestry-fisheries, trade, services, manufacturing and restructuring of State-owned enterprises.

Meanwhile, the ministry said the industrial production index (IIP) has exceeded the year’s target and contributed positively to reaching the targeted GDP growth of 6.7 per cent in 2017. Total retail sales and service revenue also saw growth in the double digits.

Hung said that this result was particularly significant because many targets of the ministry were short of expectations in the first half of this year.

However, in the second half of 2017, macro-economic indicators regained their momentum because the MoIT actively restructured State-owned enterprises, especially groups and corporations in key economic sectors.

The ministry has also paid attention to foreign markets, especially promising ones that signed trade deals with Viet Nam, promoted growth of the domestic commodity market, and closely monitored the consumer price index (CPI).

It has also continuously implemented administrative reforms, one of the key solutions in removing difficulties for businesses.

Minister of Industry and Trade Tran Tuan Anh affirmed the industry and trade sectors have achieved impressive results in 2017, and corporations under the ministry’s management also achieved their targets in production and business, especially those are undergoing hardship such as Viet Nam Oil and Gas Group (PVN) and Viet Nam National Coal and Mineral Industries Group (Vinacomin).

In the future, the ministry will continue to complete legal documents for improving efficiency in State management activities, and to deal with projects suffering losses.

The ministry will follow the market and protect the interests of domestic production sectors, especially in the sectors of steel, automobiles, fertilisers and chemicals, to increase production.

Statistics from the MoIT showed that as of December 19, 2017, Viet Nam’s export-import revenue hit a record $400 billion, compared to $100 billion a decade ago.

Tran Thanh Hai, deputy head of the MoIT’s Import-Export Agency, said with the enforcement of free trade agreements with the Republic of Korea, the Eurasian Customs Union and ASEAN, and the Regional Comprehensive Economic Partnership two years ago, Viet Nam’s exports-imports have grown rapidly to $400 billion this year from $300 billion in 2015.

Viet Nam now has more than 200 trade partners, including 29 export and 23 import markets. — VNS