According to the General Statistics Office, Vietnam’s export revenues in
2018 totaled nearly 245 billion USD, up 13.8% against the previous year
and well above the National Assembly’s target of 7 to 8% growth.
Notably, domestic enterprises posed a growth rate higher than that of
foreign investment enterprises.
Last year saw 29 products with export
turnover of more than 1 billion USD, accounting for more than 91% of
Vietnam’s total export value. Nine export items posted export turnover
of more than 5 billion USD and 5 others reached more than 10 billion
USD.
Phone and component parts are the items to
have the highest growth of 50 billion USD. It’s followed by garment and
textiles of 30 billion USD and electronics, computers and components
reaching more than 29 billion USD. Farm and marine products also
recorded breakthrough export growth.
Minister of Industry and Trade Tran Tuan Anh
said the results demonstrated the government's strong determination,
especially in evaluation and forecasting through which to establish
proper measures for the future.
“The export sector’s impressive achievements
last year were attributed to the good performance of each quarter right
from the beginning months. It means the export growth was stable and
sustainable, especially in the area of processing. Manufacturing emerged
impressively for the growth index of industrial production and its
contribution to the GDP growth,” according to Minister Tuan Anh.
This year domestic enterprises for the first
time gained a growth rate of nearly 16%, while the FDI sector only
posted a growth rate of 13.6%.
Vietnam ranked third in leather and footwear export and seventh in garment and textile.
The outcomes have become more important than
ever for Vietnam, especially when the global trade is rife with numerous
unexpected turns caused by new trade protectionism policies and the
US-China trade war.
2019 is an especially significant year for
Vietnam’s economy and the export sector in particular. Officially taking
effect from the end of last December, the Comprehensive and Progressive
Agreement for Trans-pacific Partnership (CPTPP) has created a free
trade market making up about one tenth of the world economy.
Exporters are said to benefit first from
the trade pact. The trade relations between Vietnam and the EU will
enter a new era of cooperation when the Vietnam-EU Free Trade Agreement
is likely approved in the near future.
Deputy Minister of Industry and Trade Cao
Quoc Hung said, “The free trade agreement is expected to offer much
preferential treatment for farm produce of both sides. But in order to
make the most of the incentives, it requires great effort and
cooperation of the government, business community, associations,
scholars, and scientists.”Vietnam has targeted an export growth from 7 to 8% this year with revenue of 258 billion USD.
(Source: VOV)