Exports are on the rise, with trade surplus
After a two-month trade deficit, the economy is expected to witness high export turnover this year thanks to buoyancy in export-oriented manufacturing fuelled by multilateral trade pacts.
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After a two-month trade deficit, the economy is expected to witness high export turnover this year thanks to buoyancy in export-oriented manufacturing fuelled by multilateral trade pacts.
n 2018, despite enormous competition pressure from markets around the world, Vietnam's agricultural export turnover still rose strongly, reaching a record of over US$40 billion.
The total turnover of Vietnam's import-exports is expected to reach US$500 billion this year, according to the General Department of Vietnam Customs.
Prime Minister Nguyen Xuan Phuc called for the strong application of technology in agricultural production while visiting the Dong Giao Foodstuff Export Joint Stock Company (DOVECO) in northern Ninh Binh province on February 11.
The Vietnam Textile and Apparel Association (VITAS) has set the industry's export turnover target this year at 40 billion USD, a 10.8 percent year-on-year increase from 2018.
Last year Vietnam achieved a GDP growth of 7.08%, exceeding the target set by the National Assembly. More particularly, export revenue posted an impressive result, bringing Vietnam into the company of the world's leading exporters.
The expanded export market and revenues hitting record high with US$40.02 billion, and the promotion of domestic consumption are the bright spots of Vietnam's agricultural sector throughout 2018, which witnessed the highest agricultural growth rate over the past seven years.
The application of various stimulus measures in developing enterprises' production and trade allowed the northern province of Ninh Binh's export activity to enjoy robust growth with sharp rises in terms of turnover and market in 2018.
The northern province of Ninh Binh's export revenue in nine months of 2018 topped 1.1 billion USD, up 33.6 percent year on year, helping the locality fulfill 88.9 percent of its yearly target.
Vietnam could earn about 239 billion USD in export revenue in 2018, up 10 - 12 percent from last year, analysts said, thanks to the favourable domestic and international economic context.
Five commodities had export values exceeded US$1 billion in August, according to the Ministry of Industry and Trade.
Viet Nam's trading volume with the rest of the world is likely to double the country's GDP size this year as import and export have maintained upward trends.
Ninh Binh province earned 625 million USD in the first half of 2018, showing an increase of 15% compared to the same period last year, and achieving 50% of the annual plan.
The export of forestry products in the first six months of the year reached US$ 4.15 billion, accounting for 46 percent of the yearly plan and up nearly 8.4 percent annually.
With 15.8 percent growth in the first five months of this year to 93.09 billion USD, achieving export growth target of more than 10 percent for the whole year is feasible.
Aquatic export in the first quarter of 2018 was estimated at 441,500 tonnes, worth US$1.67 billion, up 8.73% in volume and 11.2% in value against the same period last year, reported the Ministry of Agriculture and Rural Development.
Vietnam may export 6.5 million tonnes of rice in 2018, according to Deputy Minister of Agriculture and Rural Development Ha Cong Tuan.
Minister of Agriculture and RuralDevelopmentNguyen Xuan Cuong and officials from the ministry had a working session with leaders of Dong Giao foodstuff exporting JSC, in the northern province of Ninh Binh on February 4.
In 2017, the province's export value was maintained high, at1.154 billion USD, an increase of 13% agaisnt 2016.
Despite market fluctuations, Vietnam's export revenue in 2017 is predicted to reach all time high of over US$212 billion which is also much higher than the revenue of US$176 billion posted in 2016,
Vietnam recorded a trade surplus of 2.76 billion USD in the first 11 months of the year, or 1.4 percent of total export turnover, according to the Ministry of Industry and Trade (MoIT).
This year's seafood export turnover is forecast to expand by 6% to US$7.4 billion when compared to last year's figure, and is set to fulfill its target one month ahead of schedule despite facing a number of notable.
The year 2017 is a successful year of the industrial sector as it posted high export growth and industrial production index, contributing significantly to the province's GDP growth, creating jobs, boosting goods sales, and spurring socio-economic development.
Vietnam will reform rice production to gain sustainable development in the production and export of rice, according to Vietnam's Rice Market Development Strategy from 2017 to 2020.
The exports of agricultural-forestry-aquatic products in June reached US$2.97 billion, raising the total export value in the first half of the year to US$17.1 billion, a year-on-year increase of 13.1%, according to the Ministry of Agriculture and Rural Development.