The Vietnamese economy, facing a lot of difficulties though, managed tosecure a relatively stable growth driven by industrial exports, theVietnam Business Forum Magazine (VBF) reported.
Vietnam’s export turnover was projected at 148 billion USD in 2014, up 12percent over 2013 and higher than the growth target of 10 percent set bythe National Assembly.
The nine-month export earnings fulfilled75.4 percent of the target of 145.4 billion USD set for the whole year.The foreign direct investment (FDI) sector continued to lead othereconomic sectors in export revenue and its percentage is getting higherand higher.
The FDI sector accounted for 61.3 percent ofVietnam ’s export earnings in the first nine months of 2014, higherthan 60.5 percent in the same period of 2013.
Export growthoutpaced import growth in the January-September period. If the exportgrowth is 10 percent as expected for this year, the import spending willreach 145.4 billion USD. The country already fetched 109.6 billion USDin the first nine months.
In recent years, Vietnam ’sexportation tends to accelerate in the last months of the year and,given no sudden changes, the country is likely to take 148 billion USDin the year, up 12 percent over 2013. Exports are projected to reach146.5 billion USD, up 11 percent year on year. As a result, Vietnamwill run a trade surplus of 1.5 billion USD.
The growth rates ofthe country’s key exports such as apparels and textiles, leather andfootwear, and woodworks were higher than the overall export growth.Chemicals, handbags, suitcases, hats, umbrellas, toys and sportsequipment saw over 30 percent growths.
As the demand for thesecommodities has incrementally increased in new markets, Vietnamneeds to have support, export promotion and market expansion policiesfor Vietnamese companies to boost their exports to those markets.
Thegrowth rates of agricultural, forest and aquatic products were alsohigher than the average overall export growth, particularly seafood,vegetables, pepper, cashew nuts and coffee. Vegetable and fruit exportexpanded 42.7 percent over a year earlier.
In the nine-monthperiod, price drops took away nearly 280 million USD from export ofagricultural products meanwhile fuel and mineral products increasedexport earnings by 59 million USD. In combination, Vietnam saw adrop of 221 million USD in exporting these two groups of products. Dueto big export volumes, the country still enjoyed an increase of 843million USD from export of these two groups of products.
Exportsto new markets and niche markets soared in the first nine months of2014. Free trade agreements (FTAs) also helped boost export growth.
Shipmentsto Americas rose more than 25 percent, of which the United Statesposted a 22.7 percent growth and Canada boasted a 39.7 percentgrowth. Key exports to these markets were seafood, cashew nuts, coffee,pepper, apparels, machines, equipment, tools and spare parts.
LatinAmerica, the Caribbean and Africa did not contribute much to Vietnam’s overall exports. However, the trade with these markets climbedsubstantially. Latin America and Caribbean nations posted a 41.5 percentgrowth in imports from Vietnam . Especially, Chile saw a 132.9percent growth in imports from Vietnam after the bilateral FTA tookeffect.
Vietnam ’s exports to African countries soaredover 50 percent. Developing African countries are currently in high needof agricultural products, textiles, computers, electronic products,mobile phones and vehicles. So, Vietnamese enterprises should fully tapthis market for export expansion.
Exports to European marketsgrew more than 10 percent. Remarkably, the EU, Ireland , Belgium andFinland saw a more than 30 percent growth. However, exports toWestern European, Eastern European and Nordic nations continued todecrease 10 percent, mainly because of tensions in Russia andUkraine .
Oceania, which contributed 3 percent to Vietnam ’stotal export turnover, saw a growth of 23.5 percent in imports fromVietnam . Australia, the biggest market, mainly imports seafood,vegetables, cashew nuts, crude oil, apparels and footwear from Vietnam.
Vietnam saw a 10 percent growth in exports to Asian markets, whichcontributed 49 percent to Vietnam ’s export earnings. East Asiannations took 29.4 percent of the share, led by Japan and Chinawith more than 10 percent each.
In the coming time, the Ministryof Industry and Trade will seek solutions to remove difficulties andboost production and export. The ministry will also seek to expand anddiversify export markets by grasping opportunities generated byinternational commitments, particularly FTAs. Vietnam will focus onincreasing exports to traditional markets while boosting marketintegration in Eastern Europe, West Asia, South Asia, Africa and AmericaLatin.-VNA
Vietnam’s export turnover was projected at 148 billion USD in 2014, up 12percent over 2013 and higher than the growth target of 10 percent set bythe National Assembly.
The nine-month export earnings fulfilled75.4 percent of the target of 145.4 billion USD set for the whole year.The foreign direct investment (FDI) sector continued to lead othereconomic sectors in export revenue and its percentage is getting higherand higher.
The FDI sector accounted for 61.3 percent ofVietnam ’s export earnings in the first nine months of 2014, higherthan 60.5 percent in the same period of 2013.
Export growthoutpaced import growth in the January-September period. If the exportgrowth is 10 percent as expected for this year, the import spending willreach 145.4 billion USD. The country already fetched 109.6 billion USDin the first nine months.
In recent years, Vietnam ’sexportation tends to accelerate in the last months of the year and,given no sudden changes, the country is likely to take 148 billion USDin the year, up 12 percent over 2013. Exports are projected to reach146.5 billion USD, up 11 percent year on year. As a result, Vietnamwill run a trade surplus of 1.5 billion USD.
The growth rates ofthe country’s key exports such as apparels and textiles, leather andfootwear, and woodworks were higher than the overall export growth.Chemicals, handbags, suitcases, hats, umbrellas, toys and sportsequipment saw over 30 percent growths.
As the demand for thesecommodities has incrementally increased in new markets, Vietnamneeds to have support, export promotion and market expansion policiesfor Vietnamese companies to boost their exports to those markets.
Thegrowth rates of agricultural, forest and aquatic products were alsohigher than the average overall export growth, particularly seafood,vegetables, pepper, cashew nuts and coffee. Vegetable and fruit exportexpanded 42.7 percent over a year earlier.
In the nine-monthperiod, price drops took away nearly 280 million USD from export ofagricultural products meanwhile fuel and mineral products increasedexport earnings by 59 million USD. In combination, Vietnam saw adrop of 221 million USD in exporting these two groups of products. Dueto big export volumes, the country still enjoyed an increase of 843million USD from export of these two groups of products.
Exportsto new markets and niche markets soared in the first nine months of2014. Free trade agreements (FTAs) also helped boost export growth.
Shipmentsto Americas rose more than 25 percent, of which the United Statesposted a 22.7 percent growth and Canada boasted a 39.7 percentgrowth. Key exports to these markets were seafood, cashew nuts, coffee,pepper, apparels, machines, equipment, tools and spare parts.
LatinAmerica, the Caribbean and Africa did not contribute much to Vietnam’s overall exports. However, the trade with these markets climbedsubstantially. Latin America and Caribbean nations posted a 41.5 percentgrowth in imports from Vietnam . Especially, Chile saw a 132.9percent growth in imports from Vietnam after the bilateral FTA tookeffect.
Vietnam ’s exports to African countries soaredover 50 percent. Developing African countries are currently in high needof agricultural products, textiles, computers, electronic products,mobile phones and vehicles. So, Vietnamese enterprises should fully tapthis market for export expansion.
Exports to European marketsgrew more than 10 percent. Remarkably, the EU, Ireland , Belgium andFinland saw a more than 30 percent growth. However, exports toWestern European, Eastern European and Nordic nations continued todecrease 10 percent, mainly because of tensions in Russia andUkraine .
Oceania, which contributed 3 percent to Vietnam ’stotal export turnover, saw a growth of 23.5 percent in imports fromVietnam . Australia, the biggest market, mainly imports seafood,vegetables, cashew nuts, crude oil, apparels and footwear from Vietnam.
Vietnam saw a 10 percent growth in exports to Asian markets, whichcontributed 49 percent to Vietnam ’s export earnings. East Asiannations took 29.4 percent of the share, led by Japan and Chinawith more than 10 percent each.
In the coming time, the Ministryof Industry and Trade will seek solutions to remove difficulties andboost production and export. The ministry will also seek to expand anddiversify export markets by grasping opportunities generated byinternational commitments, particularly FTAs. Vietnam will focus onincreasing exports to traditional markets while boosting marketintegration in Eastern Europe, West Asia, South Asia, Africa and AmericaLatin.-VNA
