Vietnamese exports forecast to reach US$195 billion in 2017

Vietnamese exports may surge by up to 11% in 2017 to an estimated US$195 billion, exceeding the government growth target of 6-7%, according a projection released by the Ministry of Industry and Trade (MOIT).

Vietnamese exports forecast to reach US$195 billion in 2017

The MOIT cited increases in both price and volume of many key exports in the first six months of the year as the basis for its forecast.

Official data showed Vietnam earned nearly US$97.8 billion from exports in the first half of 2017, up nearly 19% compared with the same period of 2016.

Garment exports, for example, brought in US$14.58 billion in the first half of 2017, up 11.3% year on year, which is significantly higher than the 6.1% increase recorded during the same period last year.

Vinatex’s General Director Le Tien Truong said the figures reflected the garment sector’s major efforts, especially amid global uncertainties and the slowdown or even reduction in garment imports on a number of key markets such as Japan, the US and the EU.

Other exports such as fruit and vegetables, rubber, tea and crude oil also saw strong growth, countering expectations given that Vietnam’s export sector was struggling at the end of last year due to the instability of the global market.

According to the MOIT, Vietnam’s rubber export volume surged 58.6%, fruit and vegetables 44.6%, coal 54.4% and oil 34.8%.

In addition, strong growth was also seen in manufactured goods such as fertilisers, plastic materials and steel, which jumped 55%, 38% and 28% respectively.

The General Department of Customs also agreed with the MOIT’s forecast, saying that exports are likely to reach double-figure growth in 2017 as agricultural exports are expected to accelerate from the middle of the year, peaking at the end of the year.

Furthermore, the MOIT is also cooperating closely with the Ministry of Agriculture and Rural Development to improve the quality of farming goods in an effort to meet export requirements.

The ministry is also working to simplify administrative procedures in order to support businesses and boost exports.