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ECONOMYTRADE - SERVICE

Export revenue forecast to hit five-year record high in 2017

Updated at Wednesday, 08 Nov 2017, 16:30
The Hanoitimes - Vietnam’s export turnover is likely to hit US$210 billion in 2017, the highest level since 2011, the Ministry of Industry and Trade (MoIT) forecast.
With an export value of $173.72 billion in the first ten months of this year, the country met 92.4 percent of the $188 billion export target set for the entire this year.
“In the context that exports have maintained the high growth rate over the same period last year, Vietnam's export turnover in 2017 is expected to reach the highest level since 2011 with a growth rate of about 18.9 percent,” the ministry noted.
According to the ministry, the high growth rate is feasible in the context that the global trade is continuing to improve significantly, which positively affects domestic production as well as export of Vietnamese goods. 
The export growth in 2017 is thanks to the recovery of trade flows in Asia and the increase
in North American import demand, after stagnating in 2016.
"The growth in 2017 is thanks to the recovery of trade flows in Asia and the increase in North American import demand, after stagnating in 2016," the ministry said.
In addition, it said, the GDP growth in most major economies, especially in China, the United States and the EU, has led to an increase in demand for imports, promoting trade in the region. The economic recovery and rising consumer demand in these large markets have enabled domestic manufacturing sectors to continue to expand their key markets and seek new ones.
Meanwhile, the competitiveness of Vietnam's goods has been improved gradually. The World Economic Forum’s Global Competitiveness Report 2017-18, released in September, ranked Vietnam 55th overall, up five places from last year and 20 from five years ago.
According to the report, trade has also helped propel Vietnam upward, with the country seventh in terms of the ratio of imports to gross domestic product. The US withdrawal from the Trans Pacific Partnership may have hurt some future trade opportunities for Vietnam, but the WEF’s report stated that “the country’s growth is nonetheless projected to remain robust from strong exports”.
Besides, experts said, Vietnam’s participation in free trade agreements (FTAs) with tariff reduction commitments of FTA partners has also helped Vietnamese goods increase the competitiveness and expand market share in markets of partner countries besides encouraging the local business community to invest more in exports and seek new opportunities.
This year, national export value has high growth potential as Vietnam has advantages in exporting certain products, such as farm products, seafood, telephone components and garments, experts said, adding however, the most important aspect is that local exporters must reform themselves and make use of good opportunities in export markets.
At present, Vietnam has exported its goods to some 200 countries and territories. Besides traditional markets such as the United States, the EU, Japan and the Republic of Korea, as well as China and the ASEAN, Vietnam has entered new markets in Africa and Latin America.
​Thu Ha
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