VN’s exports likely to hit $ 239 bil. this year
Monday, November 19,2018AsemconnectVietnam - The Ministry of Industry and Trade has forecast that Viet Nam?s total export revenue will grow 10-12% to hit a record of US$ 239 billion for the whole year 2018, much higher than the set target of US$ 214 billion.
In stark contrast, steep decline was seen in the export of crude oil, which fell 24.8% year on year to US$1.8 billion.
The U.S. remained the largest importer of Viet Nam when it spent US$ 39.17 billion purchasing products from the Southeast Asian country (up 13.4% year-on-year), followed by the EU with US$ 34.6 billion (increasing 9%), China with US$33.1 billion (growing 25.1%), ASEAN with US$ 20.4 billion (expanding 13%), and Japan with US$15.26 billion (rising 10.2%).
If local firms know how to take full advantage of the FTAs, this will serve as a catalyst to bolster exports, he said, adding that improvement in business climate has given momentum to the expansion of export enterprises.
Experts said domestic production has shown signs of strong recovery as the rate of imports that need to be controlled only accounted for 6.5% of the total import revenue.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Viet Nam free trade agreement, which will take effect in the end of this year, have made Viet Nam more attractive to foreign-direct investment. Domestic investment, sparked by business confidence, favourable business environment, stable monetary policy, is forecast to continue increasing to generate new production capacity together with foreign investment.
Furthermore, Vietnamese firms are more confident to bolster shrimp and tra fish exports to the U.S. after the country decided to reduce anti-dumping tariffs on the products.
On the other hand, the ministry will work to give timely forecast and warning over the safeguard measures imposed on Vietnamese products while removing bottlenecks for enterprises to branch out export markets.
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