Domestic firms boost exports, trade surplus

08:46 | 31/10/2019 Trade

(VEN) - Vietnam has enjoyed consistent growth in export turnover despite numerous difficulties, with a trade surplus of approximately US$5.9 billion, representing one of the positive aspects of the country’s economic picture in the first nine months of the year.

domestic firms boost exports trade surplus

According to the Ministry of Industry and Trade, Vietnam’s total export-import turnover reached an estimated US$382.72 billion in the first nine months of the year, including US$194.3 billion in export turnover and US$188.42 billion in import turnover, an increase of 8.2 percent and 8.9 percent compared to a year ago, respectively.

After reaching growth rates of 5.3 percent and 7.2 percent during the year’s first and second quarters, respectively, exports showed significant improvements in the third quarter, bringing total export turnover for the nine-month period to a rise of 8.2 percent. Although the growth rate has suffered a slowdown in comparison to the same period in 2017 and 2018, it has met the export growth target of 7-8 percent set by the National Assembly this year.

Pham Tat Thang, former director of the Vietnam Industry and Trade Information Center under the Ministry of Industry and Trade, highlighted the role of domestic enterprises in export achievements in the reviewed period. The growth rate of export turnover among domestic firms reached 16.4 percent, representing a three-fold increase in comparison to the growth rate of FDI businesses.

With regard to the domestic sector, although agro-fishery exports fell by 5.7 percent, processed industrial exports increased by 10.3 percent against the same period last year. The export of several commodities, such as wood and timber products, garments and textiles, plastics and rubber products, also enjoyed strong growth. This robust growth can be attributed to the nation’s efforts to improve the overall business climate and accelerate international economic integration, all of which have served to facilitate production activities, especially industrial production.

In the remaining months of the year, exports of goods are expected to maintain their current growth momentum, focusing on traditional commodities such as garments and textiles, footwear, and furniture.

To support export growth of goods, the Ministry of Industry and Trade has worked out solutions for boosting exports and helping domestic firms improve their production capacity and engage in the supply chain of foreign enterprises.

Phuong Lan