VOV.VN - Vietnam is set to surpass last year’s record level of exports and rake in a total of roughly US$240 billion by the end of the year despite the difficulties of trade barriers, increased protectionism from different nations and US-China trade tensions.
VOV.VN -The textile and apparel industry is set to grow significantly in the coming years whilst the leather and footwear industry will also enjoy positive growth.Thus, both are considered bright spots for the national economy.
Investment by Chinese enterprises in Vietnam under different modes, from FDI (foreign direct investment) to M&As (merger & acquisition), is on the rise amid the US-China trade war.
The US is the largest export market of Vietnam, with export turnover hitting US$39 billion in the first ten months of 2018, representing a year-on-year increase of 12.8%.
Only 19% of Vietnamese firms in a survey feel the ongoing US-China trade friction would hinder their business over the next three years.
Rubber producers must develop specific risk management strategies, which cover market risks and product legality, in order to avoid getting hurt by the current US-China trade tensions, according to To Xuan Phuc, a senior policy analyst from Forest Trends.
Nearly 70 Vietnamese handicraft and gift enterprises are exhibiting their products in over 80 booths at the Mega Show Hong Kong 2018 from October 20-23.
The escalating trade war between China and the US is increasing the pressure on Vietnam’s rubber exports, as China is currently Vietnam’s largest export market.
The US-China trade war could adversely affect Vietnam’s rubber industry as 65% of domestic rubber output is exported to China.
Vietnam could earn about US$239 billion in export revenue in 2018, up 10 – 12% from last year, analysts said, thanks to the favourable domestic and international economic context.
Positive signs have been seen in the three areas of agriculture, industry, and service so far this year, while inflation was also controlled to under 4% as targeted.
VOV.VN - Prime Minister Nguyen Xuan Phuc affirmed the government’s great determination to reach economic growth above target of 6.7% as set by the National Assembly at a regular cabinet meeting in Hanoi on October 1.
The average consumer price index (CPI) in the nine months of 2018 rose by 3.57% year on year, compared to the 4.14% growth in the same period last year, according to the General Statistics Office (GSO).
Prime Minister Nguyen Xuan Phuc said on August 30 that ministries, sectors and localities must not underestimate their tasks in the four remaining months of 2018 but carry out drastic solutions as many difficulties still arise from the domestic and global situation.
Vietnam’s tuna export revenue is likely to reach the target of US$500 million in 2018 as the figure already hit US$351 million in the first seven months of this year, while growth has been seen in the majority of markets.
Earnings from vegetable and fruit exports in the first seven months of the year are estimated at US$2.3 billion, a year-on-year surge of 12.6%, according to the Ministry of Agriculture and Rural Development’s Processing and Market Development Authority (AgroTrade).
Vietnam’s rice export has posted remarkable figures in the first half of 2018, and the sector expects business to get better in the remaining months of the year as the country’s traditional rice markets are increasing import.
Textile and clothing exports to the US might touch $13.8-13.9 billion this year, and experts assume the sector would see more import orders shifted to Vietnam due to the implications of the US-China trade war.