By VIET NAM NEWS
ASIA NEWS NETWORK
“The report will be published annually to provide an overall view of accurate and adequate information on the country’s import-exports to management agencies, policymakers, associations and businesses,” said Tran Quoc Khanh, deputy minister of Industry and Trade at the launching ceremony.
Earlier, the ministry assigned the Department of Import-Export to co-operate with relevant agencies to publish the report. It would provide information on each product and market to help exporters gain an overall view for their business planning, thus contributing to sustainable import-export activities.
Khanh said last year the global economy saw a slow recovery while Vietnam’s big partners had faced difficulties.
Global trade reduced sharply to 2.3 per cent – the lowest growth rate since the financial crisis in 2009. The financial and monetary markets as well as prices of strategic exported products had seen complex adjustments, causing negative affects to the country’s import-export growth.
Vietnam’s import-export turnover in 2016 reached $349.16 billion.
Of which, the total export turnover was estimated at $175.9 billion, posting a 9 per cent year-on-year increase. The export turnover of all 25 key staples reported increases. Twenty three out of 25 key exported products last year had turnover of over $1 billion. Exports of local firms reached $50.04 billion, increasing 4.8 per cent from the previous year and accounting for 28 per cent of the country’s total exports.
Foreign invested enterprises (excluding crude oil) accounted for 70 per cent, with export turnover of $123.55 billion, or a 12 per cent year-on-year rise.
“The export growth rate of 9 per cent last year could be seen as a significant improvement in the context of market changes, disasters and droughts,” he said.
The export growth rate has contributed to improving trade balance and GDP, thus creating jobs and promoting goods consumption to farmers. The deputy minister added that the export results last year showed the transition from increasing the portion of manufacturing and processing sectors while reducing mineral exploitation sectors.
The mechanics sector has gradually increased its localisation rate to 70-80 per cent. The spare parts production met with 85-90 per cent of local demand for motorbike production.
Vietnam last year maintained its high export growth rate to its key markets such as the US, EU, Japan and South Korea with turnovers of $38.1 billion, $34 billion, $14.6 billion and $11.5 billion, respectively.
The report also provides information on solutions for import-export in the country.