Vietnam’s exports likely to hit US$210 billion this year

Vietnam’s exports are likely to hit US$210 billion this year, up 18.9%, the Ministry of Industry and Trade (MoIT) forecast.

Exports hit US$19.4 billion in October, up 0.3% month-on-month, of which US$5.2 billion was contributed by the domestic economic sector, up 2.4% while the remaining was from the foreign-invested sector, down 0.4%. 

Ten-month export revenue soared 20.7% annually to US$173.7 billion, surpassing the MoIT’s forecast and raising the trade surplus to US$1.23 billion. 

vietnam’s exports likely to hit us$210 billion this year hinh 0

A representative from the MoIT’s Export-Import Agency attributed the growth to manufacturing expansion in the foreign direct investment (FDI) sector, notably Samsung Display project. 

Statistics from the agency showed that FDI enterprises, including crude oil, brought home US$125.5 billion in ten months this year, a 22.1% rise. Meanwhile, domestic businesses raked in US$48.2 billion, up 17.2%. 

Up to 5.05 million tonnes of rice were shipped abroad in the period, earning US$2.25 billion, up 22.3% in volume and 21.1% in value. Vietnam also signed a number of rice export contracts in the Philippines, China and Bangladesh. 

Apart from agro-forestry-fisheries, exports of minerals and processed industrial products also hiked 29.7% and 21.9%, respectively. 

Ten-month imports increased by 22% year-on-year to US$172.5 billion.

VNA

Related news