Tansri Matshah Safuan, Chairman of the Safuan Group, speaks at a seminar in HCM City on November 9 about the new Vietnam Market project in Malaysia. (Photo: VNA)Hanoi (VNS/VNA) - Vietnamese products have entered over 200 markets around the worldincluding markets with strict import regulations and standards such as the EU,Japan, the Republic of Korea and the US, according to a recent report releasedby the Ministry of Industry and Trade.
Vietnam has also quickly improved its ranking among export economies. Thecountry jumped 24 places to rank 26th among the world’s largest exporters lastyear from 50th place in 2007.
In 2007, Vietnam had only 14 markets with export-import turnover valueexceeding 1 billion USD, with the only 10 billion USD market being the US. Bythe end of the last year, the country had four 10 billion USD markets and 31markets with 1 billion USD in export-import turnover.
In addition, Vietnamese products have found their way into markets in differentparts around the world. Last year, 23.4 percent of Vietnamese products (in termof value) were exported to markets in America, 18.4 percent to Europe and 53.6 percentto Asia, compared to 2007’s figures, which were 13.4 percent, 15.2 percent and65.8 percent, respectively.
By the end of October, the US remained Vietnam’s biggest importer followed byChina, ASEAN, Japan and the RoK. Export value to relatively new markets such asRussia, New Zealand and Canada has increased year-on-year by 13.9 percent, 12.5percent and 30.9 percent, respectively.
The report, however, pointed out shortcomings and limitations of Vietnameseproducts such as low level of diversification among agricultural exports andhigh vulnerability to changes in markets.
The ministry said it has made a number of recommendations to the Government tohelp build the country’s strategy to boost exports for the 2015-20 period, witha focus on increased diversification of products and new markets.
Vietnam’s exports were estimated at over 217 billion USD during the first tenmonths of 2019, up 7.4 percent annually, or 82.5 percent of the year’s target,staying on track for a growth rate of 7-8 percent for the year.
Trade surplus was estimated at 7.05 billion USD, higher than the 6.83 billion USDrecorded last year.
The ministry’s data showed 29 groups of commodities raked in over 1 billion USDwith five of them earning more than 10 billion USD, namely mobile phones and spareparts (43.5 billion USD), electronics, computers and accessories (28.8 billionUSD), apparel (27.4 billion USD), footwear (14.6 billion USD), and machinery,equipment and tools (14.6 billion USD). Together they accounted for 59.4 percentof the country’s total exports.
Should the current trend continue, 2019 looks to be the fourth consecutive yearthe Vietnamese economy shifts from a deficit to a trade surplus./.
VNA
