Impressive achievements in Vietnam’s exports in 2017

According to the Ministry of Industry and Trade, phones and phone parts are Vietnam’s biggest export earner: about US$39 billion this year, trailed by garments and textiles (US$25 billion) and electronics, computers, and accessories (US$22 billion). The exports of footwear, aquatic products, fruits, and vegetables soared this year. The growth is mostly due to Vietnam’s improved competitiveness in agro-forestry, fruit, and vegetable products. After imposing anti-dumping duties on Chinese timber products, the US is moving to ASEAN markets, including Vietnam.  Vietnamese wood exporters seized the opportunity and earned an export value of nearly US$3.7 billion in the first half of this year. According to the Ministry of Industry and Trade, Vietnam’s wood sector, and particularly wood furniture, will have many new opportunities in the US market. Nguyen Ton Quyen, President of the Vietnam Timber and Forest Product Association, said, “It’s rare for the sector to grow 15% in one year. The sector is likely to reach US$7.5 billion in revenue this year thanks to continued growth in Vietnam’s key export markets. For example, Vietnam achieved US$2.4 billion from the US market last year and this year the figure is predicted to be US$2.8 billion. Growth in the Republic of Korea market brought in US$600 million, up US$200 million from last year. New markets in India, Canada, Russia, and the Middle East have shown positive signals.” Fiber is another outstanding export earner as Vietnamese enterprises have made the most of free trade agreements between ASEAN and China and between Vietnam and…

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