Import, export figures signal good start to 2018

09:59 | 01/03/2018 Trade

(VEN) - The latest data of the General Department of Vietnam Customs show that in the first half of January, Vietnamese businesses exported goods worth a total of almost USUS$9.26 billion, up 26.6 percent from the same time last year, with three exports yielding over USUS$1 billion each.

import export figures signal good start to 2018
Textile-garment exports were one of three exports that topped US$1 billion in the first half of January

Mega exports

The three key exports were telephones and related components that yielded US$2.11 billion, textiles and garments at nearly US$1.11 billion, and computers, electronic products and related components that sold for almost US$1.1 billion. Major imports included computers, electronic products and related components that totaled nearly US$1.87 billion in value, and machinery, equipment, tools, and spare parts valued at more than US$1.38 billion.

Totaling nearly US$7.54 billion in value, these exports and imports accounted for 40 percent of the country’s foreign trade in the first half of January. Their growths augured a bright future for import and export activities in 2018.

Solutions

In 2017, imports and exports totaled US$425.12 billion, an increase of 21 percent over 2016.

To achieve the foreign trade growth target set by the National Assembly, according to Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s Import-Export Department, the ministry will continue conducting thorough administrative reform. “Simplifying business conditions and minimizing administrative formalities are something that the ministry did in 2017 and will continue doing in 2018,” Hai said.

The ministry will continue negotiating and implementing free trade agreements (FTAs) to enable businesses to take advantage of tariff reductions and preferences in foreign markets, while at the same time fine-tuning and updating legal documents once the Law on Foreign Trade takes effect in 2018.

Trade promotion is also an important tool for boosting exports and the ministry intends to reform and improve relevant promotion measures. Apart from continuing with trade fairs and other conventional practices, the ministry will invite foreign delegations to Vietnam for market research, and strengthen Vietnamese goods promotion abroad through the media.

Hai said that in the context of fast-growing technological development, technology application in import and export activities has become an urgent need. The Ministry of Industry and Trade intends to push for the implementation of the policies it adopted to encourage Vietnamese businesses to participate in e-commerce and expand the use of technology in import and export activities.

The National Assembly has set a 7-8 percent export growth target and a 10 percent import growth target for 2018, and a goal for trade deficit accounting for less than three percent export revenues for the year.

Phuong Phuong