Business
Vietnam Import-Export Report 2016 released
The Ministry of Industry and Trade (MoIT) held a ceremony in Hanoi on March 29 to announce the Vietnam Export-Import Report 2016 issued for the first time.
The 2016 report gives an overall and systematic assessment of the country’s external trade in the past year.
The report noted that in 2016, total export revenue reached 176.6 billion USD, an increase of 9 percent year on year.
Tran Thanh Hai, Vice Director of the MoIT’s Export and Import Administration, assessed that amidst the changing world economy, Vietnam’s export rise of 9 percent is a positive result compared to the previous year as well as to other countries in the region.
He said that many regional countries suffered decreases in export revenue, including China with 7.7 percent, India with 1.3 percent and Malaysia 4.9 percent, while Thailand saw a slight increase of 0.5 percent.
The official noted that the growth of export significantly contributed to improving the payment balance as well as GDP growth, while creating more jobs and selling more products for farmers.
It also reflected the recovery of domestic production, he added.
According to the vice director, the export expansion last year also helped improve trade balance, with a trade surplus of about 2.52 billion USD, contributing to increasing foreign currency reserve, stabilising prices as well as the macro economy.
Import of materials, fuel, machinery and equipment serving domestic production accounted for 88 percent of total import revenue, he said, adding that this shows a positive sign, laying the prerequisite for the development of import-export as well as the economy in the years ahead.
Speaking at the ceremony, MoIT Deputy Minister Tran Quoc Khanh highlighted that Vietnam still remained the growth trend in export despite falling prices and demand in the global market, reflecting the country’s effective efforts in opening its markets as well as endeavours of the business community.
Deputy Minister Khanh stressed that it is noteworthy that the ratio of processed products in export increased to nearly 80 percent, reflecting a transform of the sector towards less export of raw products and more processed ones, including products with high value.
He also noted that exports to major markets such as the EU and the US continued to increase by over 10 percent in the past year.
The report also presents the figures for each specific group of commodities and each market, along with the situation of negotiations on and implementation of free trade agreements with foreign partners.
Major issues related to the MoIT’s foreign trade management, from mechanisms and policies, trade promotion programmes, measures to promote exports and remove obstacle for the sector, and efforts for trade facilitation and trade defence, were included in the document.
The report noted that in 2016, total export revenue reached 176.6 billion USD, an increase of 9 percent year on year.
Tran Thanh Hai, Vice Director of the MoIT’s Export and Import Administration, assessed that amidst the changing world economy, Vietnam’s export rise of 9 percent is a positive result compared to the previous year as well as to other countries in the region.
He said that many regional countries suffered decreases in export revenue, including China with 7.7 percent, India with 1.3 percent and Malaysia 4.9 percent, while Thailand saw a slight increase of 0.5 percent.
The official noted that the growth of export significantly contributed to improving the payment balance as well as GDP growth, while creating more jobs and selling more products for farmers.
It also reflected the recovery of domestic production, he added.
According to the vice director, the export expansion last year also helped improve trade balance, with a trade surplus of about 2.52 billion USD, contributing to increasing foreign currency reserve, stabilising prices as well as the macro economy.
Deputy Minister of Industry and Trade Tran Quoc Khanh speaks at the ceremony.
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Speaking at the ceremony, MoIT Deputy Minister Tran Quoc Khanh highlighted that Vietnam still remained the growth trend in export despite falling prices and demand in the global market, reflecting the country’s effective efforts in opening its markets as well as endeavours of the business community.
Deputy Minister Khanh stressed that it is noteworthy that the ratio of processed products in export increased to nearly 80 percent, reflecting a transform of the sector towards less export of raw products and more processed ones, including products with high value.
He also noted that exports to major markets such as the EU and the US continued to increase by over 10 percent in the past year.
The report also presents the figures for each specific group of commodities and each market, along with the situation of negotiations on and implementation of free trade agreements with foreign partners.
Major issues related to the MoIT’s foreign trade management, from mechanisms and policies, trade promotion programmes, measures to promote exports and remove obstacle for the sector, and efforts for trade facilitation and trade defence, were included in the document.
