With positive restoration from the beginning of third quarter to now, Vietnam’s import and export turnover in the first 10months of the year increased by 2.62% year-on-year, and estimated at US$ 439.8 billion. Of which, export turnover hitUS$ 229.27 billion, up by 4.7% year-on-year.

According to the report released by theMinistry of Industry and Trade on October 30, although Vietnam’s total import-export in October was estimated at US$51.2 billion, downby 0.3% month-on-month, this was a quite positive restoration with the increase of 9.98% compared to the same period in 2019.

Of which, export turnover was estimated at US$26.7 billion, falling 1.7% month-on-month but increasing by 9.9% year-on-year.

Thus, with the restoration from the beginning of third quarter to now, Vietnam’s import and export turnover in the first 10months of the year increased by 2.62% year-on-year, estimated at US$439.8 billion. Of which, export turnover reached US$229.27 billion, upby 4.7% year-on-year.

The Ministry of Industry and Trade assessed this is an encouraging result amid the global trade facing difficulties due to the impact of the Covid-19 pandemic and the decline of many economies in Asia caused by the disease.

According to the Ministry of Industry and Trade, in the first 10months of the year, the export turnover of domestic economic sector increased by 0.7%, accounting for 28.7% of total export turnover;export turnover of foreign invested sector (including crude oil) surged 6.5%, accounting for 71.3%.

In the first 10months, there were 31 items with an export turnover of more thanUS$1 billion, accounting for 91.76% of total export turnover.

Processing industrial products continued to play a major role in the growth rate in October with a turnover of US$ 22.53 billion,

Over the past 10months, the US is the largest export market of Vietnam with a turnover of US$ 62.3 billion, up 24% year-on-year; followed by China, the EU, ASEAN, South Korea and Japan.

Regarding exports for the whole year, Deputy Minister of Industry and Trade Do Thang Hai said, the ministry has carefully reviewed each sector and commodityto update the operating scenario, provide solutions to remove difficulties and boost production and exports for the finalmonths of the year.

The assessment shows the export turnover in the fields of industrial production, export and domestic trade for the whole year are more positive than the assessment in July. Based on the current situation, it is expected Vietnam's merchandise exports for the whole year will be able to increase by 3-4%.

In the last months of the year, to promoteexports, Deputy Minister of Industry and Trade Do Thang Hai stated the ministry will continue to research, propose and take more drastic measures in exploitation and access to key markets, maintain and expand markets, prevent the reduction in market share and export market loss, especially for key export products.

At the same time, focus on reviewing administrative procedures on import and export to promote export, facilitate and support businesses.

“In addition, one of the important solutions focused by the Ministry of Industry and Trade is to strengthen the implementation of trade promotion forms, apply online tools to maintain the market, relationships with partners, and assist businesses to quickly find customers for agricultural products, essential goods, products for disease prevention,” Deputy Minister Do Thang Hai said.

In October, the trade surplus is estimated at US$2.2 billion. Generally, in the first 10 months of 2020, the trade balance of goods continued to have a record trade surplus of US$18.72 billion. In the context that exports of many countries in the region continue to decline or slow growth rate, the export growth rate at 4.7% and the maintenance of asurplus trade in the first 10 months of the year is a great effort.

Source: Customs News

 

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