Exports could reach 239 billion USD this year: analysts
Updated : Wednesday, October 03, 2018 11:31 AM (GMT+0700)

Vietnamcould earn about 239 billion USD in export revenue in 2018, up 10 – 12 percentfrom last year, analysts said, thanks to the favourable domestic andinternational economic context.

Workers package processed shrimp for export - Photo: VNA

They said three quarters of2018 have passed with positive export outcomes, creating momentum for thecountry to record a trade surplus for the year. Notably, the number of goodsorders often rises strongly in the last months of the year, so overseasshipments are likely to hit a new record.

According to the Departmentof Export and Import under the Ministry of Industry and Trade (MoIT), exportturnover between January and September reached 178.91 billion USD, up 15.4percent year on year.

The domestic sector shipped51.07 billion USD worth of goods abroad while foreign-invested firmscontributed 127.84 billion USD to the total exports.

Twenty-six commoditiesrecorded export revenue of more than 1 billion USD in the period, and five ofthem had exports topping 10 billion USD, including phones and accessories (36.1billion USD), textiles and garments (22.6 billion USD), and electronicproducts, computers and components (21.6 billion USD).

Meanwhile, Vietnam imported173.52 billion USD worth of goods in the period, up 11.8 percent from a yearearlier. That included 69.34 billion USD by domestic businesses and 104.18billion USD by foreign firms.

Three of the 30 commoditieswith import revenue in excess of 1 billion USD recorded turnover above 10billion USD, statistics showed.

As a result, the countryenjoyed a trade surplus of 5.39 billion USD. While the domestic sector had adeficit of 18.26 billion USD, the foreign invested sector posted a surplus of23.62 billion USD.

Regarding the exports in theremainder of the year, Duong Duy Hung, Director of the MoIT’s Department ofPlanning, said the US-China trade friction has yet to harm Vietnam’s exportgrowth over the past months. However, in the long term, political and tradetensions among big economies pose major challenges to exports.

Officials said three monthsis not a long period, so the MoIT will monitor the world situation, especiallythe US-China trade war, to take measures to promote exports and prevent tradefraud.

Trade promotion needs to bereformed to focus on long-term programmes promoting certain commodities andmarkets until concrete outcomes are gained, instead of just year-longcampaigns.

Experts also said the MoITshould connect Vietnamese exporters of agricultural and fishery products withChinese importers to boost cross-border shipments, especially of the goodsVietnam is strong at and China has high demand for like fruit, aquaticproducts, rice and coffee.


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