09:00 | 19/12/2019 Trade
(VEN) - Vietnam enjoyed a record trade surplus of US$9.01 billion in the first 10 months of 2019, a year-on-year increase of 23 percent due to strong exports of phones, computers and textiles.
According to official data, Vietnam’s total export value reached US$218.82 billion in the first 10 months of the year, an increase of 8.3 percent compared to a year ago, or US$16.7 billion.
The Ministry of Industry and Trade had set a 2019 target of US$261-262 billion in export turnover, an increase of 7-7.5 percent compared to a year ago. Due to complicated developments of natural disasters and epidemics, as well as trade and market issues such as the US-China trade war, trade barriers, fraud in trade and origin of goods, Vietnam expected to have trouble reaching the export target.
Vietnam has indeed experienced a decline in exports to China in some commodities, such as rice, frozen fish, natural rubber, fiber, computers and components, glass, paper, plastics, iron and steel, phones, seafood and vegetables.
However, intense efforts by the government and businesses to expand markets and promote trade have brought the target within reach. The export picture has shown bright signals. Specifically, export growth has improved from 5.3 percent in the first quarter to 7.2 percent in the second quarter and 8.3 percent in the first 10 months of the year.
In addition, exports of garments and textiles, wood and wood products, seafood and agricultural products often surge at the end of the year due to increasing demand ahead of the holidays. Vietnam is also making the most of opportunities provided by free trade agreements to expand exports. In particular, Vietnam has made significant progress in improving its business climate, as reflected in various international reports and rankings, creating favorable conditions to boost export growth.
The Ministry of Industry and Trade will continue to closely monitor changes in the world economy, especially new developments in the US-China trade war in order to be proactive in import-export activities. In addition, the ministry will devise plans to promote exports of key commodities, while strengthening state management in preventing the evasion of trade remedies and origin fraud.
Pham Tat Thang, former director of the Vietnam Industry and Trade Information Center under the Ministry of Industry and Trade, said free trade agreements to which Vietnam is a signatory have been providing opportunities to expand export markets. However, businesses and associations need to coordinate closely with authorities to prevent trade and origin fraud, which have a negative impact on Vietnamese exports.
|Some 31 among 45 groups of commodities have recorded export growth in the first 10 months of the year compared to a year ago, 28 of them each topping the US$1 billion export value mark.|