Vietnam - Exports up to $113bln forecast in tough year

Vietnam’s exports are expected to total $113 billion this year, $4 billion over the target earlier in the year, said Director of the Ministry of Industry and Trade's Planning Department Nguyen Tien Vy.

In an online meeting held on October 1 to review the first three-quarter performance, Vy said overall growth in export turnover would likely not exceed 10-12 per cent this year due to market challenges.

Export turnover reached nearly $83.8 billion in the first nine months, a 19-per cent increase over the same period last year. Foreign-invested enterprises accounted for $52.5 billion, or 63 per cent of the total.

Asian markets generated 79 per cent of the country's export turnover during the nine month period. Of this figure, China accounted for 25 per cent, other Southeast Asian nations, 18 per cent, and other Far East nations, 57 per cent.

Eighteen categories of goods saw exports in excess of $1 billion in the first nine months. The textile and garment industry took the lead, with exports worth $11.25 billion; followed by mobile phones and accessories, $8.55 billion; crude oil, $6.3 billion; electronics and computers, $5.36 billion, and seafood, $4.14 billion.

Some key classes of exports, including electronics and agriculture, were unable to increase their productivity, Vy said, calling on the Government to introduce policies to support businesses during the economic downturn.

Deputy Minister of Industry and Trade Le Duong Quang said the biggest challenge facing exports were protectionist trends in key markets.

Trade promotion would be key to overcoming these difficulties, he said, urging businesses to focus on markets which offer an immediate demand, such as Cambodia , Laos and Myanmar .

Meanwhile, Vy said, the nation's imports during the nine-moth period reached $3.8 billion, an increase of 6.6 per cent over the same period last year, and the country enjoyed a trade surplus of $34 million during the period.

Foreign-invested enterprises accounted for $43.9 billion worth of imports, or 52 per cent of the total. High import turnover was seen in electronics ($9.28 billion), petroleum ($7.1 billion), and steel ($4.5 billion).

VIR/VNA

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