Vietnam’s exports forecast to hit US$239 billion this year

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Deputy Minister of Industry and Trade Do Thang Hai released the information at a regular press briefing held by the Ministry of Industry and Trade (MoIT) in Hanoi on October 17 regarding the state of industrial production and trade activities during the first nine months of the year, and what further solutions can be implemented before the end of the year.

The Index of Industrial Production (IIP) in the reviewed period grew by 10.6% over last year’s corresponding period, the highest growth enjoyed since 2012.Export turnover increased by 15.4% to US$178.91 billion, exceeding the 10% target set for the first 9 months of the year.

Notably, up to 26 export commodities recorded an export value of over US$1 billion, including 8 items bringing in over US$5 billion and a further five commodities grossing in excess of US$10 billion. 

Major commodities that made a significant contribution to the country’s export growth include telephones and their components(US$36.13 billion, up 14.6%), garments and textiles (US$22.56 billion, up 17.1%), computers and electronic components (US$21.65 billion, up 16.7%), machinery and spare parts (US$12.10 billion, up 28.7%). 

It is worthy of note that exports in the domestic sector continued significant growth when compared to the foreign direct investment (FDI) which recorded an export value of US$51.08 billion in the nine-month period, up 17.5%. 

Based on the above results, the MoIT has forecast this year’s total export turnover of US$239 billion this year, a year-on-year rise of 11.2%. Of the figure, farm produce and seafood products are estimated to be at US$27.5 billion (up 5.4%), fuels and minerals at US$5.1 billion (up 6%) and processed industrial goods at US$196.18 billion (up 12.5%) against last year’s same period. 

In order to achieve the targets during the remainder of the year, the Ministry will take synchronized measures to fully tap into the market and further boost exports with a particular focus on strictly monitoring fluctuations in the world, tightening controls on trade frauds and demonstrating the origin of goods and  refining import-export management policies.