Export turnover likely to surpass US$126 billion this year
(VOV) - The country’s export turnover is expected to reach US$127 billion this year, one billion higher than the set target, according to the Ministry of Industry and Trade (MoIT).
The MoIT said that in the context of positive changes in the world, major economies like the US, Japan, and the EU have adopted a number of stimulus packages to help restore and develop production and business activities, and increase consumer trust.
Against this backdrop, Vietnam’s economy has gradually improved and is predicted to become much better in the remaining months of the year with its export turnover estimated at around US$127 billion, one billion higher than the set target.
The ministry, for its part, has devised a string of measures to boost trade promotions with a focus on commodities which are much sought after at home and abroad.
It warned producers and exporters of import barriers and urged them to improve the quality of commodities to avoid risks for enterprises when signing export contracts with foreign partners.
Exports from FDI sector pick up
The MoiT said that the FDI sector has overtaken the domestic sector in terms of export revenue, with a trade surplus estimated at US$5.41 billion to compare with the domestic sector’s trade deficit of US$6.82 billion in the first half of this year.
Exports of processing industry show a six-month increase of 27.2 percent, accounting for 68.9 percent of the total turnover, with the volume of mobile phones worth US$9.91 billion (up 97 percent). Meanwhile, most of export items (except pepper and cashew nuts) from the agricultural and seafood sector have dropped to a level lower than last year.
In the first six months of 2013, the country’s export turnover is estimated at US$62.05 billion, up 16.1 percent against the same period last year. Of the total figure, the domestic sector earned US$20.9 billion (up 2.2 percent) but the FDI sector fetched US$41.14 billion (up 24.7 percent).