Wednesday, 16 Jan 2019

Export growth rate to reach 5-year high

Updated at Monday, 07 May 2018, 17:13
The Hanoitimes - In the first half of April, Vietnam`s export turnover reached a 5-year high of US$64.41 billion, up 22.8% or an increase of US$11.98 billion year on year, said the General Department of Vietnam Customs (GDVC).
For period from 2014 to April 2018, Vietnam has experienced three years with double digit growth rate in export turnover, specifically in 2014 with 16.1%, 2017 with 13.9% and in April 2018 with 22.8%. 
Export growth rate to reach 5-year high.
Export growth rate to reach 5-year high.
The export turnover after 4 months is expected to reach US$73.76 billion, up 19% compared to the same period of last year, according to the Ministry of Industry & Trade (MoIT). This percentage would be higher than the growth rate in the same period of 2017 at 16.6%. 

In the coming time, Vietnam's export will continue growing with a number of free trade agreements (FTA) coming into effect. Specifically, the Vietnam - EU Free Trade Agreement (EVFTA), which is scheduled to be signed in 2018 will open a new chapter in trade cooperation between Vietnam and EU members. 

Once completed, the EVFTA will support Vietnam goods export in general and agricultural, forestry and fishery products in particular to gain market shares in this market, thanks to commitments on reducing trade barriers and opening EU market. 

Concurrently, Vietnam agricultural products to EU will continue under the subject of Generalized Scheme of Preferences (GSP) in period 2017 - 2019, which is considered advantage for Vietnamese export companies comparing to others without GSP. 

Additionally, Chinese demands for importing Vietnam's agricultural products for production and consumption will continue growing in 2018, forecasted MoIT. This is an opportunity for Vietnam to facilitate exporting agricultural, forestry and fishery to Chinese market. 

The ASEAN - China FTA took effect will reduce import tariffs of Vietnamese fruits and vegetables to Chinese market to 0%, enhancing Vietnam's products competitiveness at this important market. 

In 2018, MoIT set growth target for export at 10%, significantly higher than the target set by the National Assembly at 7 - 8%. 

During the first four months, Vietnam`s fruit and vegetables export turnover reached US$1.29 billion, up 26.2% year on year, said the MoIT.

Markets such as the US, Australia, Korea or Japan are expected to contribute to the impressive growth of Vietnam's export this year. As such, fruits and vegetables are becoming an advantage of Vietnam's export in international markets. 

It is estimated that in 2018, Vietnam's export of fruits and vegetables will exceed the highest recorded value of rice export of US$3.67 billion in 2012, and before 2025 will reach US$10 billion per year, which is equivalent to the highest recorded value of crude oil export of US$10.4 billion in 2008. 
Nguyen Tung
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