Vietnam’s exports witness motivation for greater growth

Saturday, 2018-07-21 10:14:39
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Vietnam exports goods to 200 countries and territories over the world, with 27 markets reaching an export turnover of over US$1 billion. (Photo: VNA)
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NDO/VNA - Vietnam will see great momentum for stronger export growth in the second half of 2018, with its export-import turnover estimated to reach the US$500 billion benchmark by 2019.

The prediction was given by experts during a workshop held by the Vietnam Chamber of Commerce and Industry (VCCI) in Ho Chi Minh City on July 20.

According to Nguyen Viet Hung from the General Department of Vietnam Customs (GDC), Vietnam’s import-export value reached US$225 billion in the first half of 2018, up nearly 13% year-on-year.

The country’s export turnover increased by 16.3% year-on-year to nearly US$114.2 billion in the reviewed period. Meanwhile, it spent US$110.8 billion on importing goods, up by 9.6%. The country enjoyed a trade surplus of US$3.4 billion in the first two quarters.

Statistics from the GDC show that Vietnam’s exports structure in 2018 is almost unchanged compared to 2017, with key exports being phones and electronic components; textiles and garments; and footwear and handbags.

Foreign-invested enterprises continue to be the main driver of Vietnam’s export growth for the year.

According to the Ministry of Industry and Trade, domestic businesses reported a 19.9% rise in exports by shipping US$33.07 billion worth of goods abroad in the first half of the year. Meanwhile, FDI enterprises earned US$80.86 billion from exports, up 14.5% from the corresponding period last year.

Hung said with the positive growth rate reported in the first half of the year – and taking into account that second half import-export growth is always forecast higher than the first half – Vietnam’s import-export turnover is likely to hit US$475-477 billion, with a trade surplus of around US$4.5-5 billion.