Processing seafood for exports (Photo: VNA)Hanoi (VNA) - Vietnam exported goods withan estimated value of 99.36 billion USD in the first five months of 2020, ayear-on-year decline of 1.7 percent. Export turnover of domestic businessesmaintained double-digit growth, however, of 10.4 percent, reaching 33.3 billionUSD.
The outcome is considered a highlight of goodsexports since early in the year, especially given that the export turnover of theFDI sector fell 6.9 percent year-on-year due to the impact of COVID-19,according to trade experts.
The US remained Vietnam’s largest market in the firstfive months, with turnover of 24.6 billion USD, up 8.2 percent, followed byChina, the EU, ASEAN, Japan, and the Republic of Korea.
From January to May, Vietnam posted a tradesurplus of nearly 1.9 billion USD - a much better result than the trade deficitof 256 million USD in the same period last year.
The figure is encouraging amid the pandemic,which has seen restrictions placed on a number of trade activities at bordergates with China. Many other markets, like Europe, the US, ASEAN, and theMiddle East, meanwhile, have applied movement restrictions, affecting Vietnam’strade activities.
The Ministry of Industry and Trade said it hasconsidered the implementation of trade promotion methods to pave the way forfarm produce and processed food to go to China and India.
Furthermore, Vietnam is expected to ratify theEU-Vietnam Free Trade Agreement (EVFTA) on June 8 and this will create momentumfor national economic recovery and be a positive sign for exports in the time tocome.
Deputy Minister Cao Quoc Hung said his ministrywill prepare scenarios to develop markets according to groups of products with localadvantages, to make inroads into the EU and markets Vietnam has signed FTAswith./.
VNA
