09:02 | 31/12/2019 Trade
(VEN) - A Ministry of Industry and Trade report to the National Assembly shows that Vietnamese exports have expanded in terms of market and product structure, contributing significantly to the country’s export value growth.
According to ministry data, Vietnamese goods are present in more than 200 countries and territories, including discerning markets such as the US, Japan, the EU and the Republic of Korea. Vietnam’s position in international trade has improved, moving up to the 26th in 2018 from the 50th in 2007 in terms of export value.
In 2007, 14 export markets for Vietnamese goods were listed among those with annual value exceeding US$1 billion, with only the US standing out with more than US$10 billion. In 2018, the list consisted of 31 markets, including four markets with export value of more than US$10 billion. In 2007, about 65.8 percent of Vietnamese goods were exported to Asian countries, while exports to Europe and America accounted for 15.2 percent and 13.4 percent of total export value, respectively. But in 2018, the percentage of exports to America and Europe had increased respectively to 23.4 and 18.4 percent, while exports to Asia decreased to about 53.6 percent.
Vulnerable agricultural exports
In the first 10 months of 2019, the US continued to be Vietnam’s largest export market, followed by China, ASEAN, Japan and the Republic of Korea. Exports to countries having free trade agreements with Vietnam grew, for example to Russia, up 13.9 percent; to New Zealand up 12.5 percent; and to Canada up 30.9 percent.
The export markets for industrial products have been diversified. However, the Ministry of Industry and Trade admitted the range of export markets for some kinds of agricultural and aquatic products remains limited, making them vulnerable to market changes.
Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade, affirmed that in order to promote sustainable exports and economic growth, the ministry has requested the government to promulgate specific export strategies for each period, as well as a scheme to develop regional markets in the 2015-2020 period with a vision towards 2030, proposing major solutions to diversify export markets and products.