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]
Illustrative image (Source: VNA)China is a promising market for Vietnamese seafood exporters despite difficulties and challenges, experts said at a recent conference in Ho Chi Minh City organised by the Vietnam Association of Seafood Exporters and Producers (VASEP). In the last five years, Vietnamese “tra” fish export to China rose by an average of 21-31 percent each year. However, Truong Thi Le Khanh, Director of Vinh Hoan Company – one of the tra fish exporters, asserted that China is not yet a stable market. Despite growth in tra fish export, Vietnamese enterprises have yet to carefully study the market to…... [read more]
Vietnam has fully engaged in the trade liberalisation progress of ASEAN with other countries and regions in the world. This process creates not only opportunities but also difficulties and challenges for Vietnamese enterprises, especially in 2015 when the ASEAN Economic Community is established and provides a broad market with about 600 million consumers and a business community with tens of millions of small and medium-sized enterprises (SMEs). Numerous opportunities, enormous challenges At a recent workshop entitled "Vietnamese SMEs and ASEAN market opportunities with free trade agreements" jointly organised in Hanoi by the Foreign Office of the United Kingdom, the International…... [read more]
However, many leading businesses in the sector are facing declines in the number of orders and export prices, which makes it very difficult for them to achieve the envisaged goals. Vietnam’s garment and textile exports only reached nearly US$8.5 billion in the first five months of the year, registering a year-on-year surge of 6.1%. As reported by a number of enterprises, export orders tended not to increase, which was accompanied by a decline in export prices and increase in production costs (comprising labour cost, electricity and water, insurance), resulting in a lot of drawbacks in manufacturing and distributing products. Similar…... [read more]
VietNamNet Bridge – Minister of Trade, Tran Tuan Anh, speaks to Hai Quan (Custom) newspaper on the challenges facing the country in restructuring exports. In 2017 Vietnam exported goods worth more than $210 billion. What’s the target set by the Ministry of Trade for 2018?At the 2017 year-end meeting, the National Assembly set a target for export turn-over to increase by 7-8 per cent and for the import surplus over exports to be under 3 per cent. These targets are not high compared to those in 2017.In 2017, Vietnam earned US$213.8 billion in exports – an increase of 21.1 per…... [read more]
The workshop, organised by the Vietnam Chamber of Commerce and Industry (VCCI) and the US-ASEAN Business Council, was meant to be a platform for SMEs, business groups and organisations to discuss opportunities and challenges for small firms in Vietnam. There are three main challenges that SMEs in Vietnam face with the advent of the fourth Industrial Revolution, said Michael Michalak, Senior Vice President of the council. They are greater access to domestic and international markets to be a part of the global supply chain, access to technology and information communication tools, and access to finance, he added. Tran Vinh Tuyen,…... [read more]
