A farmer tends coffee trees in Ia Kla commune of Duc Co district, the Central Highlands province of Gia Lai. Coffee exports bring home more than 2 billion USD each year (Photo: VNA)Hanoi (VNA) - Vietnam still managedto maintain export growth in the first 10 months of this year despite COVID-19,and exports for the year as a whole are expected to rise 3-4 percent against 2019,according to the Ministry of Industry and Trade (MoIT).
Export revenue stood at 26.7 billion USD in October,down 1.7 percent compared to September but up 9.9 percent year-on-year.
The 10-month figure stood at 229.27 billion USD,an increase of 4.7 percent year-on-year. Exports by domestic companies grew 0.7percent and accounted for nearly 28.7 percent of total value, while those byforeign-invested enterprises, including crude oil, rose 6.5 percent and made up71.3 percent of the total, ministry figures show.
Deputy Director of its Export-Import DepartmentTran Thanh Hai said 31 commodities earned over 1 billion USD each from exportsduring the first 10 months, five of which brought home more than 10 billion USDeach.
The US remained Vietnam’s largest exportdestination, with 62.3 billion USD worth of goods, up 24 percent year-on-year.It was followed by China (37.6 billion USD, up 14 percent), the EU (28.9billion USD, down 3 percent), ASEAN (18.9 billion USD, down 11.4 percent), theRepublic of Korea (16.3 billion USD, down 2.6 percent), and Japan (15.6 billionUSD, down 7 percent).
Trade analysts said local exporters havecontinued making use of traditional markets and sought new destinations bycapitalising on free trade agreements (FTAs) that have taken effect or are beingnegotiated.
Vietnam’s continual reform of administrativeprocedures and facilitation of business activities have also providedsignificant momentum for exporters to boost shipments and expand investment.
Meanwhile, imports increased 1.2 percent to 24.5billion USD month-on-month in October, raising the 10-month figure to 210.55billion USD, up 0.4 percent year-on-year.
This import growth indicates production recovery,as businesses have been buying materials for production and export inanticipation of a demand surge during the year-end holiday season.
Vietnam posted a record trade surplus of 18.72billion USD in the first 10 months.
Analysts believe that the export growth and the tradesurplus are the result of the major efforts undertaken amid falling exports andslowing growth in many regional countries.
Deputy Minister Cao Quoc Hung said industrialproduction, export, and domestic trade in 2020 may show better performance thanestimates made in July, adding that MoIT has forecast that exports will climb3-4 percent compared to 2019.
However, to further boost exports in the tworemaining months of the year, the ministry will overhaul and introduce policiesin a more concerted and effective manner to promote trade and expand markets.
Apart from the stronger application ofe-commerce and digital platforms to maintain relations with importers andfoster shipments, it will also order subordinate agencies to push ahead withimproving the business climate and national competitiveness, and creating the conditionsnecessary for enterprises to prepare for optimising new-generation FTAs, Hung said./.
VNA
