09:15 | 07/01/2020 Trade
(VEN) - Vietnam’s exports have nearly completed their set annual target for 2019 and total import-export turnover is expected to achieve the US$500 billion mark this year.
Statistics compiled by the Ministry of Industry and Trade show that total import-export turnover reached an estimated US$473.73 billion in the first 11 months of the year. Of which, exports reached US$241.42 billion, an increase of 7.8 percent compared to a year ago, completing 91.8 percent of the annual target (US$263 billion).
The domestic sector exported goods worth US$74.72 billion in the first 11 months of 2019, up 18.1 percent compared to the same period last year, while exports of the foreign-invested sector (including crude oil) reached an estimated US$166.7 billion, a year-on-year increase of 3.8 percent. The domestic sector’s proportion of total export revenue also increased to 30.95 percent from 29.16 percent.
In the reviewed period, total export revenue of agricultural, forestry and fishery products and minerals dropped, while exports of the processing industry increased by 9.8 percent to US$203.84 billion, accounting for 84.43 percent of Vietnam’s total export turnover. Most items in this industry recorded positive growth compared to a year ago.
Vietnam’s exports continued to sell in traditional markets but the country also exported goods to new markets due to good use of free trade agreements to which Vietnam is a signatory. Positive export growth was attributed to the continuous reform of administrative procedures, facilitating business operations.
Vietnam enjoyed a record trade surplus of US$9.11 billion in the first 11 months of 2019. Experts believe that 2019 will be the fourth consecutive year Vietnam will post a trade surplus.
Vietnam’s total import-export turnover often surges at the end of the year due to increasing demand ahead of the holidays, making the US$500 billion turnover feasible.
In the first 10 months of the year, Vietnam attracted US$29.1 billion in foreign direct investment (FDI), an increase of 10.3 percent compared to a year ago. FDI not only helps increase revenues for the state budget, create more jobs and stabilize society, but also improves Vietnam’s production and export capacity.