World Economy

Vietnam Raises Export Target to $188 Billion

Vietnam Raises Export Target to $188 Billion
Vietnam Raises Export Target to $188 Billion

Last year, Vietnam’s total export turnover was $175.9 billion, an increase of 8.6% over the previous year. This year, the ministry has set an export turnover target of $188 billion for 2017, or 6.9% higher than last year.

The ministry said telephones and spare part exports were expected to reach $39 billion, representing a 13% year-on-year rise, and the products with highest export turnover in 2017, VNS reported.

The garment and textile products would follow with export turnover of $25 billion or 6% higher than that of last year.

Electronics, computers and spare parts are forecast to achieve export turnover of $22 billion, increasing 19% from last year.

The exports of shoes, seafood and fruits would also contribute high export turnovers of $14 billion, $7.5 billion, and $3 billion respectively.

Minister of Industry and Trade Tran Tuan Anh believes that in 2017 import-export turnover would continue to increase thanks to the signing of a number of free trade agreements and FDI inflows shifting from other countries to Vietnam. Participation in the ASEAN Economic Community would also bring opportunities to the country by expanding its export markets as well as increasing competitiveness.

Statistics from the ministry showed that last year Vietnam exported 25 products, with turnover of more than $1 billion each. In 2016, the country reported a trade surplus of $2.68 billion, accounting for 1.52% of its total import-export turnover.

Vietnam’s export turnover to its traditional markets including Asia, Europe and the US saw positive growth last year. The export turnover to the US saw the highest growth rate of 13.2%, followed by Europe with 11.3% and Asia with 6.9%.

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