Vietnamese products have entered over 200 markets around the world including markets with strict import regulations and standards such as the EU, Japan, South Korea and the US, according to a recent report released by the Ministry of Industry and Trade.
Viet Nam has also quickly improved its ranking among export economies. The country jumped 24 places to rank 26th among the world’s largest exporters last year from 50th place in 2007.
In 2007, Viet Nam had only 14 markets with export-import turnover value exceeding US$1 billion, with the only $10 billion market being the US. By the end of the last year, the country had four $10 billion markets and 31 markets with $1 billion in export-import turnover.
In addition, Vietnamese products have found their way into markets in different parts around the world. Last year, 23.4 per cent of Vietnamese products (in term of value) were exported to markets in America, 18.4 per cent to Europe and 53.6 per cent to Asia, compared to 2007’s figures, which were 13.4 per cent, 15.2 per cent and 65.8 per cent, respectively.
By the end of October, the US remained Viet Nam’s biggest importer followed by China, ASEAN, Japan and South Korea. Export value to relatively new markets such as Russia, New Zealand and Canada has increased year-on-year by 13.9 per cent, 12.5 per cent and 30.9 per cent, respectively.
The report, however, pointed out shortcomings and limitations of Vietnamese products such as low level of diversification among agricultural exports and high vulnerability to changes in markets.
The ministry said it has made a number of recommendations to the Government to help build the country’s strategy to boost exports for the 2015-20 period, with a focus on increased diversification of products and new markets.
Viet Nam’s exports were estimated at over $217 billion during the first ten months of 2019, up 7.4 per cent annually, or 82.5 per cent of the year’s target, staying on track for a growth rate of 7-8 per cent for the year.
Trade surplus was estimated at $7.05 billion, higher than the $6.83 billion recorded last year.
The ministry’s data showed 29 groups of commodities raked in over $1 billion with five of them earning more than $10 billion, namely mobile phones and spare parts ($43.5 billion), electronics, computers and accessories ($28.8 billion), apparel ($27.4 billion), footwear ($14.6 billion), and machinery, equipment and tools ($14.6 billion). Together they accounted for 59.4 per cent of the country’s total exports.
Should the current trend continue, 2019 looks to be the fourth consecutive year the Vietnamese economy shifts from a deficit to a trade surplus. — VNS