Exports forecast to exceed target
(VOV) - Vietnam’s exports are expected to total US$113 billion this year, US$4 billion over the set target, said Director of the Ministry of Industry and Trade's Planning Department Nguyen Tien Vy.
In an online meeting held on October 1 to review the first three-quarter performance, Vy said overall growth in export turnover would likely not exceed 10-12 percent this year due to market challenges.
Export turnover reached nearly US$83.8 billion in the first nine months, a 19-percent increase over the same period last year. Foreign-invested enterprises accounted for US$52.5 billion, or 63 percent of the total.
Asian markets generated 79 percent of the country's export turnover. Of this figure, China accounted for 25 percent, other Southeast Asian nations, 18 percent, and Far East nations, 57 percent.
Eighteen categories of goods saw exports in excess of US$1 billion in the review period. The textile and garment industry took the lead, with exports worth US$11.25 billion; followed by mobile phones and accessories, US$8.55 billion; crude oil, US$6.3 billion; electronics and computers, US$5.36 billion, and seafood, US$4.14 billion.
Deputy Minister of Industry and Trade Le Duong Quang said the biggest challenge facing exports are protectionist trends in key markets.
Trade promotion will be key to overcoming these difficulties, he said, urging businesses to focus on markets which offer an immediate demand, such as Cambodia, Laos and Myanmar.
Meanwhile, Vy said, the nation's imports during the nine-moth period reached US$83.8 billion, a year-on-year increase of 6.6 percent, and the country enjoyed a trade surplus of US$34 million during the period.
Foreign-invested enterprises accounted for US$43.9 billion worth of imports, or 52 percent of the total. High import turnover was seen in electronics (US$9.28 billion), petroleum (US$7.1 billion), and steel (US$4.5 billion).