Vietnam Promotes Exports to the EU and Japan

Vietnam Promotes Exports to the EU and Japan

Vietnam’s export turnover in July maintained the same high record as in June at around US$2.16 billion, bringing the total export turnover in the first seven months of this year to more than US$14 billion, up 21.8 per cent against the same period last year.

According to the Ministry of Planning and Investment, most major export items of Vietnam earned a high growth rate compared to one year earlier in both quantity and turnover thanks to price advantages. Textiles and garments, for example, are thought to have earned US$2.46 billion, up 9.5 per cent; footwear, US$1.58 billion and an increase of 16 per cent; and woodwork products, US$577 million and a rise of 87 per cent. 

Agricultural-produce, such as rice and rubber, gained export values similar to the same period last year thanks to the price increase, despite a fall in volume. Seafood alone faced the greatest difficulties due to materials and US lawsuits, which resulted in a slight fall in the export value in the seven months by 1.7 per cent to US$1.16 billion. Export turnover of rubber was equal to that of the same period last year thanks to an increase of 43 per cent in price despite a fall of 33 per cent in export volume. The most outstanding feature in the first seven months is the clearer change in the export market structure compared to 2003.

Exports to the US continued to rise, but at a lower than expected rate of 8.5 per cent, lower than previous years, due to quotas imposed on textiles and garments and negative impacts of the shrimp lawsuit. Meanwhile, exports to other markets gained a high growth rate of 12.6 per cent in Japan and about 13 per cent in the EU. Textiles and garments saw an increase of 44 per cent while woodwork rose by 72 per cent. These are good developments in reducing the risk of falling exports to the US.

• B.H