Exports of domestically owned business increase in first seven months

06:12 | 15/09/2020 Trade

(VEN) - Vietnam exported goods worth almost US$145.8 billion in the first seven months of 2020, up 0.2 percent from the same period last year, including US$50.76 billion produced by the domestic economic sector, up 13.5 percent, and US$95.03 billion (including crude oil) by foreign invested enterprises, down 5.7 percent, according to the General Statistics Office of Vietnam (GSO).

exports of domestically owned business increase in first seven months

The January-July period saw 23 categories of exports earning US$1 billion each, accounting for 87 percent of Vietnam’s total export value. They included phones and accessories; electronics, computers and components; textiles and garments; machinery, equipment, tools and spare parts; footwear; wood and wood products; means of transport and spare parts; seafood; iron and steel, among others.

The export price of rice increased to US$487.6 per tonne, up 13 percent from the same period last year. Rice exports in the first seven months of 2020 saw a 1.4 percent decline in volume but 10.9 percent increase in value compared to the same period last year. In early August, Vietnam exported rice for US$478-482 per tonne, about US$15-20 higher than the price of Thai rice and US$100 higher than that of Indian rice.

Vietnam's shrimp exports to the US have grown quite steadily this year and are expected to increase 20 percent over 2019.

Mango from Son La Province, Ngoc Linh ginseng from Kon Tum and Quang Nam provinces, avocado from Dak Lak Province, salmon from Lao Cai Province’s Sa Pa Town, and tomentose rose myrtle wine from Kien Giang Province’s Phu Quoc Island do not only sell well throughout leading domestic distribution channels but are also exported.

More and more privately owned businesses are offering their products through Amazon, through which they can connect with distributors and consumers around the world.

Leading foreign high-technology corporations, including LG, Panasonic and Foxconn, have moved their production lines to Vietnam. LG has moved all of its production line from the Republic of Korea (RoK) to Vietnam’s northern coastal city of Hai Phong. Provinces nationwide are ready to welcome a new wave of investment after the Covid-19 pandemic is controlled.

The world’s two largest economies, the US and China, remained the biggest buyers of Vietnamese goods

at US$37.9 billion and US$23.5 billion in the first seven months of 2020, respectively. Such figures

represent respective increases of 15 percent and 18.4 percent compared to the same period last year.

Nguyen Duy Nghia