Numerous challenges facing Vietnam’s exports in 2018

Last year saw Vietnam’s exports rise by 21% to 213.7 billion, crossing the US$200 billion mark for the first time. Building on 2016’s figure of US$1.78 billion, the country continued to run a trade surplus of around US$2.67 billion.Export’s overreliance on strong FDIObserving favourable indicators in exports over 2017, Duong Duy Hung, head of the Planning Department under the Ministry of Industry and Trade (MoI), said export markets continued their expansion to reach more than 200 trade partners covering 29 markets with an export value of over US$1 billion each, and four with a value of US$10 billion each. Robust patterns of growth were reported in exports to many markets. As a result of businesses capitalizing on the benefits presented by free trade agreements (FTAs), the most notable developments were made in markets. Vietnam has signed such agreements with, like ASEAN (up 24.3% to US$21.7 billion) and Japan (up 14.2% to US$16.8 billion). Last year, 764,052 certificates of origin were granted and the value of shipments enjoying C/O incentives  rose to US$37.8 billion, up 22% in quantity and 24% in value when compared to 2016. The composition of export goods saw constructive changes, with sizable growth in both agri-forestry and aquatic products and processed industrial products. A significant point in the development of Vietnam’s exports is that the trade surplus was mainly with developed countries, which impose strict requirements on imported goods like the US, EU, Australia, and New Zealand. While Vietnam improved its trade balance with other markets, another… [Read full story]


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