The Ministry of Industry and Trade predicts that Vietnam will earn US$200 billion from exports this year, 13% more than last year, exceeding the set target.

According to the Ministry of Industry and Trade, phones and phone parts are Vietnam’s biggest export earner: about US$39 billion this year, trailed by garments and textiles (US$25 billion) and electronics, computers, and accessories (US$22 billion). The exports of footwear, aquatic products, fruits, and vegetables soared this year.

The growth is mostly due to Vietnam’s improved competitiveness in agro-forestry, fruit, and vegetable products. After imposing anti-dumping duties on Chinese timber products, the US is moving to ASEAN markets, including Vietnam. 

Vietnamese wood exporters seized the opportunity and earned an export value of nearly US$3.7 billion in the first half of this year. According to the Ministry of Industry and Trade, Vietnam’s wood sector, and particularly wood furniture, will have many new opportunities in the US market.

Nguyen Ton Quyen, President of the Vietnam Timber and Forest Product Association, said, “It’s rare for the sector to grow 15% in one year. The sector is likely to reach US$7.5 billion in revenue this year thanks to continued growth in Vietnam’s key export markets.

For example, Vietnam achieved US$2.4 billion from the US market last year and this year the figure is predicted to be US$2.8 billion. Growth in the Republic of Korea market brought in US$600 million, up US$200 million from last year. New markets in India, Canada, Russia, and the Middle East have shown positive signals.”

Fiber is another outstanding export earner as Vietnamese enterprises have made the most of free trade agreements between ASEAN and China and between Vietnam and the Republic of Korea. Specifically, fiber exports increased sharply in the Chinese and Korean markets, with turnover reaching nearly US$1.7 billion.

Vietnamese farm produce has penetrated demanding markets like the US, Japan, the Republic of Korea, New Zealand, and Australia this year. By November, fruit and vegetable export turnover totaled nearly US$3.2 billion, far exceeding other key export items like rice, rubber, tea, and cashew nuts.

Tang Xuan Truong, Director of the Hung Viet Company in Hai Duong province, said, “We have exported a great volume of goods and signed many big orders. The quality of our export products has been praised.”

Seafood exports have also seen breakthroughs. Early this year, the sector set a target of US$7.4 billion in revenue but will achieve US$8 billion, thanks to breakthrough growth in many new export markets.

Minister of Agriculture and Rural Development Nguyen Xuan Cuong said the agricultural sector’s annual growth rate is expected to be about 3%.

He added, “We have created a competitive edge in key commodities for export. Agriculture continues to grow. This year Vietnam will likely earn US$35 billion from farm produce exports. We are determined to develop chain production and expand new markets. We will pay more attention to improving product quality to satisfy a domestic market of 92 million people and a global export market of 7 billion people.”