Vietnam’s exports see positive signs

• Shrimp exports may exceed 4 billion USD this year
• Businesses urged to capitalise on opportunities to increase exports
• Imports and exports of FDI sector enjoy sharp increase in January

In the first two months of this year, the total import and export turnover was estimated at US$95.81 billion, up 24.5% year-on-year. Of which, exports hit $48.55 billion, up 23%, and imports reached $47.26 billion, up nearly 26%. In the context of COVID-19 pandemic, these achievements are considered positive signs for Vietnamese economy.

There were nine commodities joining the billion-USD export club, including telephones and parts (9.3 billion USD, up 22.8%); electronics, computers and parts (6.9 billion USD, up 27.3%); equipment, machines and parts (5.5 billion USD, up 72.6%); footwear (3.2 billion USD, up 15.4%); and wood and wooden products (2.4 billion USD, up 51%). They made up 73% of the country’s export turnover.

Vietnam also saw strong surge in shipments of several agricultural products, such as fruits and vegetables (610 million USD, rising 14.6%), rubber (516 million USD, increasing 109.7%), cashew (442 million USD, up 21.5%), and cassava (256 million USD, hiking 78.2%).

The US was Vietnam’s biggest importer as it splashed out 14.2 billion USD on Vietnamese products, or 38.2 percent higher than the amount it spent the same time last year. China came second with 8.5 billion USD, followed by the EU with 6.3 billion USD, ASEAN 4.2 billion USD, the Republic of Korea 3.4 billion USD, and Japan 3.2 billion USD.

Meanwhile, the country spent big (47.26 billion USD) on imports, with foreign-invested sector purchasing 31.64 billion USD worth of products from abroad for production, up 31.4 percent, while that of the domestic sector surged 16 percent to 15.62 billion USD.

In the two-month period, China was the largest exporter of Vietnam, with revenue estimated at 17.3 billion USD, up 85.7 percent year-on-year, followed by the Republic of Korea with 8.4 billion USD, ASEAN 5.6 billion USD, Japan 3.1 billion USD, EU 2.3 billion USD, and the US 2.1 billion USD.

In a bid to support local firms in promoting production and exports, the Ministry of Industry and Trade said that it will work to capitalise on opportunities from the signed free trade agreements to seek measures for market development. Additionally, it will keep close watch on the global market to identify key export products, while paying due heed to penning measures for market development.