Inside Norfolk JSC factory in Dong Van 1 Industrial Zone, northern Ha Nam Province (Photo :VNA)Hanoi (VNA) – Vietnam is likely to miss an export growth target of 10percent that the National Assembly set for 2016, official data has suggested.
Thecountry’s export value totalled 159.5 billion USD in the first 11 months ofthis year, up 7.5 percent over the same period last year.
Nosudden fluctuation is expected in December’s export value, compared toNovember’s level of around 15.6 billion USD. This means the 10 percent goal isalmost unachievable.
Ministerof Industry and Trade Tran Tuan Anh told Government portal chinhphu.vn that thecountry faced significant obstacles in export activities this year becausepolitical instability in some major export markets caused demand and pricedeclines in the outlets.
Agriculturaland aquatic products especially suffered from low world prices, with riceexports falling 20 percent in quantity and 18 percent in value this year.
Aslump of around 1 billion USD in mineral exports, though in line with anational policy to reduce mineral exports, hindered the general growth.
Fossilcoal export was down 45 percent in quantity and 47 percent in value, and therates of decline were 20 percent and 40 percent, respectively, for crude oil,in 2016.
VietnamTextile and Apparel Association Chairman Vu Duc Giang said 2016 was thetoughest year for the garment and textile sector over the last decade. Thesector posted growth of roughly 5 percent this year, half of the rate recordedin several previous years.
“Garmentand textile firms say they have ‘lived from hand to mouth’ in 2016,” he toldchinhphu.vn.
Telephoneand component exports hit 32 billion USD this year, after reaching 30.6 billionUSD in 2015 and 23.6 billion USD in 2014.
However,growth of these exports, which accounted for nearly one-fifth of all exportvalues of the nation, fell to some 10 percent this year from a peak of 30percent recorded some years ago.
PhamTat Thang, a senior advisor from the ministry’s Vietnam Institute for Trade,said there were bright points in the dim situation.
Sometraditional exports witnessed significant growth this year, such as coffee (up26 percent), cashew nuts (up 16 percent) and pepper (up 16 percent).
Vegetablesalso increased 30 percent, confectionery was up 17 percent, and animal feedrose by 17 percent.
TranThanh Hai, deputy head of the ministry’s Import-Export Department, said whilemajor exporting countries also suffered declines, Vietnam’s export growthreaching nearly 8 percent was worth acknowledgement.
“Currentexport values show that farm produce is consumed well and is benefitingfarmers, and more jobs are generated by enterprises involved in industrialproduction. This is a valuable issue behind the 8 percent figure,” he toldchinhphu.vn.
Haisaid Vietnam could better the export situation next year, taking advantage ofits free trade agreement with the European Union, and the RegionalComprehensive Economic Partnership.
Hesaid the country was to restructure export products to promote its competitiveedges while trying to expand markets.
“Anexample, five years ago, no one thought Vietnam would be a bright point in thetechnology world or a mobile phone production base. But now we have areputation in these areas,” he said.
Haisaid the country needed to decide which link of the global value chain to takepart in to maximise benefits, and this would require the rationalisation ofeconomic sectors and trade policies.
Importswere to be reasonably balanced to meet demand of the economy, support exports,and help processing enterprises better join the global value chain, he added. -VNA
Thecountry’s export value totalled 159.5 billion USD in the first 11 months ofthis year, up 7.5 percent over the same period last year.
Nosudden fluctuation is expected in December’s export value, compared toNovember’s level of around 15.6 billion USD. This means the 10 percent goal isalmost unachievable.
Ministerof Industry and Trade Tran Tuan Anh told Government portal chinhphu.vn that thecountry faced significant obstacles in export activities this year becausepolitical instability in some major export markets caused demand and pricedeclines in the outlets.
Agriculturaland aquatic products especially suffered from low world prices, with riceexports falling 20 percent in quantity and 18 percent in value this year.
Aslump of around 1 billion USD in mineral exports, though in line with anational policy to reduce mineral exports, hindered the general growth.
Fossilcoal export was down 45 percent in quantity and 47 percent in value, and therates of decline were 20 percent and 40 percent, respectively, for crude oil,in 2016.
VietnamTextile and Apparel Association Chairman Vu Duc Giang said 2016 was thetoughest year for the garment and textile sector over the last decade. Thesector posted growth of roughly 5 percent this year, half of the rate recordedin several previous years.
“Garmentand textile firms say they have ‘lived from hand to mouth’ in 2016,” he toldchinhphu.vn.
Telephoneand component exports hit 32 billion USD this year, after reaching 30.6 billionUSD in 2015 and 23.6 billion USD in 2014.
However,growth of these exports, which accounted for nearly one-fifth of all exportvalues of the nation, fell to some 10 percent this year from a peak of 30percent recorded some years ago.
PhamTat Thang, a senior advisor from the ministry’s Vietnam Institute for Trade,said there were bright points in the dim situation.
Sometraditional exports witnessed significant growth this year, such as coffee (up26 percent), cashew nuts (up 16 percent) and pepper (up 16 percent).
Vegetablesalso increased 30 percent, confectionery was up 17 percent, and animal feedrose by 17 percent.
TranThanh Hai, deputy head of the ministry’s Import-Export Department, said whilemajor exporting countries also suffered declines, Vietnam’s export growthreaching nearly 8 percent was worth acknowledgement.
“Currentexport values show that farm produce is consumed well and is benefitingfarmers, and more jobs are generated by enterprises involved in industrialproduction. This is a valuable issue behind the 8 percent figure,” he toldchinhphu.vn.
Haisaid Vietnam could better the export situation next year, taking advantage ofits free trade agreement with the European Union, and the RegionalComprehensive Economic Partnership.
Hesaid the country was to restructure export products to promote its competitiveedges while trying to expand markets.
“Anexample, five years ago, no one thought Vietnam would be a bright point in thetechnology world or a mobile phone production base. But now we have areputation in these areas,” he said.
Haisaid the country needed to decide which link of the global value chain to takepart in to maximise benefits, and this would require the rationalisation ofeconomic sectors and trade policies.
Importswere to be reasonably balanced to meet demand of the economy, support exports,and help processing enterprises better join the global value chain, he added. -VNA
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