Vietnam striving to boost export growth over remainder of 2020

Vietnam exported goods with an estimated value of US$99.36 billion in the first five months of 2020, a year-on-year decline of 1.7%. Export turnover of domestic businesses maintained double-digit growth, however, of 10.4%, reaching US$33.3 billion.

vietnam striving to boost export growth over remainder of 2020 hinh 0

The outcome is considered a highlight of goods exports since early in the year, especially given that the export turnover of the FDI sector fell 6.9% year-on-year due to the impact of COVID-19, according to trade experts.

The US remained Vietnam’s largest market in the first five months, with turnover of US$24.6 billion, up 8.2%, followed by China, the EU, ASEAN, Japan, and the Republic of Korea.

From January to May, Vietnam posted a trade surplus of nearly US$1.9 billion - a much better result than the trade deficit of US$256 million in the same period last year.

The figure is encouraging amid the pandemic, which has seen restrictions placed on a number of trade activities at border gates with China. Many other markets, like Europe, the US, ASEAN, and the Middle East, meanwhile, have applied movement restrictions, affecting Vietnam’s trade activities.

The Ministry of Industry and Trade said it has considered the implementation of trade promotion methods to pave the way for farm produce and processed food to go to China and India.

Furthermore, Vietnam is expected to ratify the EU-Vietnam Free Trade Agreement (EVFTA) on June 8 and this will create momentum for national economic recovery and be a positive sign for exports in the time to come.

Deputy Minister Cao Quoc Hung said his ministry will prepare scenarios to develop markets according to groups of products with local advantages, to make inroads into the EU and markets Vietnam has signed FTAs with.

VNA

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