Bright prospects are likely to be seen in import-export activities over the rest of this year thanks to the effective and comprehensive implementation of free trade agreements (FTAs) and rising prices for strong export products of Vietnam, according to Deputy Director of the Import-Export Department at the Ministry of Industry and Trade (MoIT) Tran Thanh Hai.
|Illustrative image - Photo: VNA|
Hai noted that demand in the global market has been recovering along with the gradual easing of lockdown measures in the US and Europe, which presents an opportunity for Vietnam to promote its exports.
However, he advised exporters to bolster their competitiveness and adaptive capacity in order to overcome the difficulties posed by the ongoing fourth COVID-19 outbreak in Vietnam, while actively adjusting their business strategy to seize opportunities in the new circumstances.
He asked MoIT agencies and Vietnamese Trade Offices abroad to provide up-to-date information on the COVID-19 situation in their host countries and propose measures to expand export markets, while supporting Vietnamese firms seeking input sources for production.
He said the MoIT is working with the Ministry of Transport and the Vietnam Logistics Business Association as well as shipping firms to provide consultancy to exporters on dealing with logistics issues.
In the first five months of 2021, despite the impact of COVID-19 on industrial parks in the northern industrial hubs of Bac Giang and Bac Ninh, Vietnam still posted a year-on-year increase of 30.7 percent in export revenue, to 130.94 billion USD.
Of this, the domestic sector contributed 33.06 billion USD and the FDI sector (including crude oil) 97.88 billion USD, increases of 16.6 and 36.3 percent year-on-year, respectively. During the period, 22 products recorded export value of over 1 billion USD each and together accounted for 87.3 percent of Vietnam’s total exports.
Exports by the group of heavy industrial goods and minerals reeled in some 70.7 billion USD, up 33 percent against the same period last year. It was followed by the groups of light industrial goods and handicrafts, at 47.32 billion USD (up 33 percent), and agricultural and forestry products, at 9.69 billion USD (up 13.5 percent). The group of aquatic products posted 3.24 billion in export revenue, an annual increase of 12 percent.
The US remained Vietnam’s largest export market, outlaying 37.6 billion USD on imports from the country, a year-on-year rise of 49.8 percent. China followed with 20.1 billion USD, up 26 percent, then the EU and ASEAN, with 16.1 billion USD and 11.5 billion USD, increases of 20.8 and 23.7 percent, respectively.
In May alone, Vietnam’s exports were valued at 26 billion USD, down 2.1 percent against April but up 35.6 percent year-on-year.
Meanwhile, the country’s imports in the five-month period hit 131.31 billion USD, for annual growth of 36.4 percent, with China the country’s largest source market.