Vietnam will adopt multiple solutions to reach its target of US$200 billion in total export value for the year, a year-on-year increase of 13 per cent, officials said.
Vietnam shipped US$749 million worth of seafood abroad in August, bringing seafood exports in the first eight months of 2017 to US$5.13 billion, up 18.1 percent from the same period last year.
Vietnam was estimated to have an import-export value of US$89.36 billion in the first three months of 2017, with the figure for March alone hitting about US$33.7 billion, said the General Department of Vietnam Customs.
Vietnam’s exports in the first three months of the year went beyond expectations with total export value estimated at US$43.03 billion, up 12.8% from the same time last year.
The export value of agricultural, forestry and aquatic products reached US$7.6 billion in the first three months of 2017, a year-on-year increase of 7.6%.
Vietnam will accelerate the development of logistics services to facilitate trade and improve the economy’s competitiveness, according to an action plan which was approved recently by Prime Minister Nguyen Xuan Phuc.
The value of seafood exports in the first two months of 2017 was estimated at US$844 million, representing a year-on-year decline of 3.1%, according to the Ministry of Agriculture and Rural Development (MARD).
Indonesia will become an important market for Vietnamese orange exporters as Indonesian oranges have fallen out of favour in the domestic market, according to the Vietnam Trade Office in Indonesia.
The export value of agricultural, forestry and fishery products is estimated to see a year-on-year increase of 1.4% to US$4.3 billion in the first two months of 2017.
The domestic vegetable and fruit industry will face obstacles in maintaining sustainable growth in export value at the current high level, according to the Vietnam Vegetable and Fruit Association.
Vietnam expects to achieve US$3 billion in its total export value of vegetables and fruits this year.
Labor-intensive industries such as mining and agriculture are no longer expanding, according to Nguyen Duc Thanh, Director of the Vietnam Institute for Economic and Policy Research (VEPR).
Disbursement of foreign direct investment (FDI) capital in 2016 was estimated at US$15.8 billion as of December 26, a record high and up 9% on a yearly basis, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
Vietnam earned US$29.8 billion from the export of phones and devices to the US between January and November, a year-on-year increase of US$3 billion, or 10.7%, the Vietnam Customs said.
The Government will review Vietnam’s farming products – such as seafood, rice, vegetables, pepper, coffee, cashew nuts and rubber, and Halal products for Muslim people - in order to increase exports to ASEAN member states.
Vietnam is unlikely to meet the 10 % export growth target for this year, said Minister of Industry and Trade, Tran Tuan Anh.
Vietnam’s fruit-vegetable export value in 2016 is predicted to reach US$2.6 billion, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam’s export value in the first ten months reached US$144.1 billion, up 7.2% from the same period last year, according to the Ministry of Industry and Trade (MoIT).
The export value of agro-forestry-fishery products in the first ten months of this year reached US$26.4 billion, a year-on-year increase of 6.3%, according to the Ministry of Agriculture and Rural Development.
The production suspension and recall of Galaxy Note7, a smartphone previously hoped to be a Samsung flagship product this year, will not have much impact on Samsung Vietnam’s export revenue in 2016, the firm said.