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Expectation for Vietnam’s trade turnover in 2019 

 Saturday, December 14,2019

AsemconnectVietnam - Vietnam’s trade turnover is expected to reach 500 billion USD in 2019, said the Ministry of Industry and Trade.

The country is also expected to get trade surplus this year.

Vietnam’s trade turnover forecast to surpass 500 billion USD by end of 2019
The Ministry of Industry and Trade (MoIT) confirmed that import-export turnover would surpass US$500 billion by end of this year.
Deputy Minister of Trade Do Thang Hai cited figures released by the General Department of Customs, saying: “In the first eleven months of 2019, total import-export turnover reached $472 billion, adding that at the current rate it would surpass $500 billion this year.”
Hai considered the turnover a “good result” in the context of the global slowdown, and increase from the $480 million recorded last year.
"Exports are facilitated by a strong business and investment environment. Thanks to increasing administrative reform, simplified investment procedures, and support policies for start-ups, this is the result.”

According to the MoIT, it has co-ordinated with relevant ministries and agencies to sign 16 free trade agreements (FTAs) this year.
For example, exports increased to Japan (7.6 per cent), South Korea (10.1 per cent), ASEAN (2.5 per cent), (Russia 9.1 per cent) and New Zealand (6.8 per cent).
However, Hai said it would be tough to meet the target of 7-8 per cent import-export growth in 2020.
Talking to, economist Tran Hoang Ngan said import-export figures showed the dominance of FDI enterprises.
“In the long term, this will be a huge problem, and the only solution is to pay more attention and create more support policies to develop private enterprises and SMEs to balance the issue,” he said.
Leading product in terms of export turnover continued to be phones and components with $48.7 billion, textiles and garments with $29.8 billion, computers, electronic products and components with $32.4 billion, machinery, equipment, tools and spare parts with $16.4 billion, and footwear at $16.4billion.

Vietnam is expected to post trade surplus for fourth straight year this year
With a record trade surplus of 9.12 billion USD over the first 11 months and year-on-year export growth of 7.8 percent, experts believe that 2019 will be the fourth straight year Vietnam will post a trade surplus.
With a record trade surplus of 9.12 billion USD over the first 11 months and year-on-year export growth of 7.8 percent, experts believe that 2019 will be the fourth straight year Vietnam will post a trade surplus.
According to the Export-Import Department under the Ministry of Industry and Trade, the country shipped 241.42 billion USD worth of goods abroad between January and November, up 7.8 percent from the previous year.

That included 74.72 billion USD exported by domestic businesses and 166.7 billion USD (including crude oil) from foreign invested firms, rising 18.1 percent and 3.8 percent, respectively. The domestic sector’s proportion of total export revenues also increased to 30.95 percent from 29.16 percent.
Meanwhile, imports have reached 232.31 billion USD so far this year, up 7.4 percent year on year. The figure includes 98.2 billion USD by domestic firms and 134.1 billion USD by foreign invested companies, up 13.9 percent and 3.1 percent, respectively.
Analysts said amidst the complex global situation and more non-tariff barriers, Vietnam’s sustained export growth and record trade surplus have proven the effectiveness of its efforts to take advantage of export opportunities.
Deputy Director of the Export-Import Department Tran Thanh Hai said by the end of November, 32 commodities had enjoyed an export turnover of more than 1 billion USD, including eight with over 5 billion USD and five with over 10 billion USD in revenue.

He said exports to the markets that Vietnam has free trade agreements with have posted good growth, including Japan (up 7.6 percent year on year), the Republic of Korea (10.1 percent), ASEAN (2.5 percent), Russia (9.1 percent) and New Zealand (6.8 percent).
The US remained the biggest destination for Vietnamese goods in the reviewed period, followed by the EU, China, ASEAN, Japan and the Republic of Korea.
The export structure has also been improved with less raw materials and more processed and industrial products shipped abroad, Hai added.

Vietnam’s foreign trade is expected to exceed 500 billion USD in 2019
Vietnam’s foreign trade turnover is likely to surpass 500 billion USD in 2019, Deputy Minister of Industry and Trade Do Thang Hai said at a press conference in Hanoi on December 12.
The total import-export turnover in January-November was estimated at 472 billion USD, he noted.
In the 11-month period, Vietnam exported 241.7 billion USD worth of goods, a year-on-year rise of 7.9 percent. The country spent 230.7 billion USD on imports, up 6.6 percent from the same period last year.
Hai said these outcomes were achieved in the context of sluggish global economy due to increasing risks, challenges, and trade protectionism.
Despites difficulties in 2019, the Vietnamese Government and ministries have spared no effort to simplify administrative and investment procedures, said Nguyen Cam Trang, deputy head of the Import-Export Department under the Ministry of Industry and Trade (MoIT).

To date, Vietnam has joined negotiation and signing of 16 free trade agreements (FTAs), with 12 already signed and coming into force, she said.
The Government and the MoIT have paid special attention to the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the dissemination of information on other FTAs, including the EU-Vietnam Free Trade Agreement (EVFTA), she added.
According to Deputy Minister Hai, the Government has closely directed the amendment of regulations relating to trade, customs, the national one-stop shop mechanism, specialized inspection and trade facilitiation.

Besides, logistics infrastructure has been significantly improved, he said, adding that Vietnam was ranked 39th among the 160 surveyed countries in the Logistics Performance Index (LPI) in 2018, up 25 places compared to two years ago, rising to the third position in the Association of Southeast Asian Nations (ASEAN).
He said the ministry will actively employ measures to realise the National Assembly’s set target of 7-8 percent growth in export turnover in 2019.
Source: VITIC/


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