Billion-dollar club’s great contribution to exports

14:43 | 25/10/2015 Trade

(VEN) - Many export items achieved US$1 billion in revenue in the first nine months of this year and joined the Billion-Dollar Club which currently includes 24 export items and has contributed importantly to realizing the export growth target of 10 percent by the end of this year.

Billion-dollar club’s great contribution to exports

Photo: Can Dung

By the end of the third quarter of this year, Vietnam earned almost US$120.7 billion in exports accounting for 73.1 percent of the annual plan and increasing by 9.6 percent from a year ago.

According to the Ministry of Industry and Trade’s Agency of Foreign Trade, by the end of September, 24 export categories reached US$1 billion and more in revenue. These include seafood, vegetables and fruits, cashew, coffee, pepper, rice, cassava and cassava products, rubber, crude oil, plastic ware, bags, briefcases, hats and umbrellas, wood and wood furniture, textiles and garments, iron and steel, iron and steel ware, computers, electronic ware, electronic accessories, telephones and telephone accessories, cameras and camera accessories, machinery, equipment and spare parts, and means of transport and automobile accessories.

Among the billion-dollar items, industrial processed products played a key role with revenues of almost US$95 billion accounting for 78.7 percent of total export earnings and increasing by 19.2 percent from a year ago.
According to the Ministry of Industry and Trade’s Planning Department Director Nguyen Tien Vy, some of the 24 billion-dollar export items grew impressively such as telephones and telephone accessories reaching about US$23.2 billion (a 34.3 percent increase), textiles and garments US$17.1 billion (a 10.6 percent increase), computers and electronic accessories US$11.4 billion (a 52.7 percent increase), and leather and footwear US$8.8 billion (an 18.4 percent increase).

It is expected that exports will increase by 10 percent by the end of the year reaching US$165 billion and averaging US$14.7 billion per month in the last quarter of the year.

The Ministry of Industry and Trade’s Agency of Foreign Trade Director Phan Van Chinh said that exports would be favorable in the last three months largely due to production growth and stable exchange rate and interests.

Rice, textiles and garments, and leather and footwear currently have advantages. So far, rice export businesses have ensured sales contracts until the end of the first quarter of 2016 and they will certainly meet this year’s targets. It is expected that textile and garment export revenues will increase by more than 10 percent this year, and pepper will exceed US$1.3 billion. Businesses are also expanding vegetable and fruit exports to new markets.

However, Phan Van Chinh underlined major solutions to meet the export growth target including examining Vietnam’s export markets in order to devise appropriate trade promotion plans and seek more clients, and regularly reviewing Vietnamese goods abroad in terms of competitiveness in order to timely inform business associations and export enterprises at home. 

Thuy Linh