Vietnam's exports expected to exceed US$212 billion in 2017

Despite market fluctuations, Vietnam's export revenue in 2017 is predicted to reach all time high of over US$212 billion which is also much higher than the revenue of US$176 billion posted in 2016, said Duong Duy Khuong, Director of the Planning Department under the Ministry of Industry and Trade (MoIT).

Illustrative Image (Photo: Thai Thien).

According to statistics from the MoIT, Vietnam's aggregated export revenue has increased fourfold from US$100 billion in December 2007 to US$400 billion by December 19, 2017.

Tran Thanh Hai, Deputy Director of the MoIT's Import-Export Department said that Vietnam's import-export revenue has seen spectacular growth in the past two years after the signing of free trade agreements (FTAs) and the effectiveness of FTAs with the Republic of Korea, the Eurasian Customs Union, ASEAN, the Regional Comprehensive Economic Partnership, and others.

In addition, Vietnam has continuously expanded its import and export markets and has over 200 trade partners across the world.

Particularly, Vietnam began to enjoy trade surplus after joining the World Trade Organisation (WTO) and the total trade surplus has reached US$2.5 billion and the number is estimated to climb to US$3 billion by the end of this year, making significant contributions to the international balance of payments, macroeconomic and exchange rate stability and inflation control.

The export revenue hike has been attributed to the high export revenue of agricultural, forestry and fishery products; trade and service sector; and manufacturing industry, in addition to the positive influence of FTAs.

Hung noted that the result is of significant importance, demonstrating great efforts of the MoIT as many economic targets were not fulfilled in the first six months of this year.

In the remaining months of 2017, the MoIT has promoted the restructuring of State-owned enterprises, administrative reform, removal of difficulties for enterprises, the expansion of foreign markets, and others in a bid to complete set targets for entire 2017.

(Source: NDO)