Export performance augurs record year-end figures

09:29 | 11/10/2017 Trade

(VEN) - Exports have grown steadily since the beginning of this year, remaining a major driving force of the economy.

export performance augurs record year end figures
Businesses should enhance product competitiveness to capture export opportunities

Data from the General Department of Vietnam Customs show that from the beginning of 2017 to mid-August, total value of foreign trade reached about US$250 billion. Specifically, export value reached approximately US$124 billion, up nearly 19 percent compared with the same period last year, and import value reached nearly US$126.4 billion, up 22.3 percent.

According to the Ministry of Industry and Trade, 20 products have joined the list of goods with annual export value of more than US$1 billion, eight of which bring in annual revenues of more than US$3 billion.

Vietnamese goods are exported to nearly 200 countries and territories. Along with boosting exports to potential markets with high purchasing power, such as the US, the EU, Japan, the Republic of Korea, China and ASEAN, Vietnam has successfully exported its products to new markets in Africa and Latin America.

Many kinds of Vietnamese goods have carved niches in the global market, such as agricultural products, seafood, telephones, textiles and garments. Domestic businesses have been active in grasping market information to capture export opportunities.

The US remains Vietnam’s largest export market. According to the Ministry of Industry and Trade, however, exports to this market have to overcome technical barriers and strict requirements in terms of product quality and food safety, which the US applies to protect domestic manufacturers. Examples include regulations on pesticide residues in rice and chemical and antibiotic residues in seafood, or the catfish inspection program, which have recently had an adverse impact on Vietnamese agricultural product and seafood exports. The Ministry of Industry and Trade has warned domestic businesses of the need to improve product quality to meet the strict US requirements in order to increase exports to this market.

ASEAN and China continue to be major export markets for Vietnamese goods. While China imports large volumes of Vietnamese goods, exports to ASEAN face difficulties due to the similarity of the goods. Therefore, the Ministry of Industry and Trade has advised businesses to increase exporting refined products to ASEAN, while at the same time enhancing competitiveness in terms of quality and price, and taking full advantage of geographical proximity to reduce transportation costs and delivery time to promote exports to this market.

To boost exports to other major markets, such as Japan, the Republic of Korea and the EU, in the opinion of experts, businesses should pay greater attention to ensuring product quality and safety.

Vietnam is forecast to earn US$200 billion from exports this year – a record annual export value and a rise of 13 percent compared with 2016.

Phuong Lan