Vietnam completed 88 percent of annual export target in the first nine months. Export turnover was estimated to reach US$70 billion in the January - September period, up 25.4 percent year on year. Foreign-invested companies raked in US$32.5 billion (excluding crude oil) in the period, up 35.2 percent. Up to 20 exports brought in at least US$1 billion each.
Impressive figures
The sharp rise in export value was attributed to higher prices than in 2010. For instance, the difference in prices from 2010 added US$4.94 billion to the group of agricultural products and the group of fuel and minerals. If the difference in volume was counted, the added value was US$5.78 billion.
All export markets saw higher values. The growth in export to Africa took the lead with a rise of 2.6 times, followed by Asian markets with 42 percent growth, European markets with 24 percent, Americas with 21 percent, and Australia with 11.8 percent.
The impressive rise in exports to Africa was resulted from 4-fold gold export to South Africa. Shipment value to other African markets like Egypt, Algeria, Senegal and Ivory Coast climbed more than 40 percent. The increase in exports to the eurozone came from bigger shipments of textiles, footwear, furniture and electronics. As the United States economy slowed down and consumption shrank, exports to Americans were climbed least.
Compared with the responding period in 2010, five exports had turnover of US$1 billion, including petroleum; fibres and yarns; iron and steel; electric wire and cable; bringing the number of exports with accumulative revenues of US$1 billion upwards to 20.
Trade deficit was estimated at over US$6.8 billion in the first nine months, equal to 9.8 percent of exports. In particular, foreign-invested companies incurred US$1.74 billion of trade deficit (excluding crude oil). If gold export was excluded, the trade gap jumped to nearly US$9.4 billion, or 13.9 percent of exports. Vietnam primarily suffered deficit in trade with Asia.
Mr Nguyen Thanh Bien, Deputy Minister of Industry and Trade, said: In general, Vietnam’s import and export were optimistic in the first nine months of 2011, with export growth outstripping import growth. Trade gap was thus narrowed to 9.8 percent of exports, lower than the the rate anticipated by the Government.
The sharp rise in export value was attributed to higher prices than in 2010. For instance, the difference in prices from 2010 added US$4.94 billion to the group of agricultural products and the group of fuel and minerals.
eeping up spirits in last two months
The above impressive figures evidenced right effects of the Government’s solutions and policies on production, business and export. Notably, interest rates are easing and foreign exchange rates and markets are gradually returning to a stable orbit - a good condition for exporters to boost exports.
The Ministry of Industry and Trade forecast that imports tend to rise in the last months of the year; thus, Vietnam still needs to keep tight control and promote exports. The country needs to earn just US$3 billion a month from now to the end of this year to reach the target of US$79.4 billion of export turnover in 2011, up 10 percent year on year, as expected by the Government. As often as not, Vietnam’s export turnover rises in the last months. Hence, without sudden changes, the export turnover may reach US$95 billion.
Several key export sectors are seeing a decline in export orders because of spreading debt crisis in many EU countries. Deputy Minister Nguyen Thanh Bien said: "We want to limit external impacts like public debt crisis to unite domestic production and support exporters to increase earnings. Businesses need longer term strategies to respond to market fluctuations and capture opportunities of trade and export.”
In the coming months, the Ministry of Industry and Trade will continue to implement production and export promotion measures stated in the Government’s Resolution No. 02/NQ-CP, Resolution No. 11/NQ-CP and the Ministry of Industry and Trade’s Import and Export Regulation Plan Construction for 2012. The ministry will closely coordinate with related ministries and the State Bank of Vietnam to regulate exchange rates and financial and monetary solutions to support export.
To control imports, businesses are recommended to use locally made products in lieu of imports. The Ministry of Industry and Trade will apply the Circular No. 24/2010/TT-BCT dated May 28, 2010 on instructions for automatic import licensing mechanism to some imports, aiming to discourage the use of imported consumer goods.
Vietnam is building technical barriers in accordance with international commitments and practices to limit the inflow of products of inferior quality, environmental contamination, public health threat, etc.
Huong Giang
Vietnamese
