Vietnam eyes 600 billion USD in export turnover in 2021
Vietnam posted solid export performance in the first quarter of 2021, and at such a growth speed, its export turnover is likely to hit 600 billion USD for the whole year, experts have said.
Hanoi (VNA) - Vietnam posted solid export performance in the first quarter of 2021, and at such a growth speed, its export turnover is likely to hit 600 billion USD for the whole year, experts have said.
Tran Thanh Hai, Deputy General Director of the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT), attributed the positive results to Vietnam’s success in fighting the COVID-19 pandemic.
It is necessary to continue paying special attention to responding to the pandemic, he stressed, noting that this will be the foundation and most important factor in sustaining export growth in the time to come.
Free trade agreements (FTAs) Vietnam has signed, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam FTA (EVFTA), have benefited local exporters and helped them expand to new markets.
To maintain export growth, the MoIT has promoted online trade promotions and trade fairs as well as e-commerce, to support enterprises in maintaining trade links with partners, Hai said.
📖 The ministry will also focus on accelerating institutional and administrative reform relating to exports, and providing information to exporters to address the difficulties they face./.
Vietnamese enterprises should take advantage of online marketing channels, re-arrange production and business orientations and strategies, and bring into full play advantages brought by free trade agreements if they want to achieve sustainable export growth, according to insiders.
Foreign direct investment (FDI) firms’ import-export value reached 68.52 billion USD in the first two months of 2021, a surge of 31.5 percent from the same period last year, according to the General Department of Vietnam Customs.
Shipments of products from the processing industry brought in about 67.39 billion USD in the first quarter of this year, representing 87.13 percent of Vietnam’s total export value during the period.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Illustrative image (Photo: Internet)
