10/11/2017 | 16:55:14

Vietnam’s exports likely to hit 210 billion USD this year

Vietnam’s exports likely to hit 210 billion USD this year (Photo VNA)

Vietnam’s exports are likely to hit 210 billion USD this year, up 18.9 percent, the Ministry of Industry and Trade (MoIT) forecast.

Exports hit 19.4 billion USD in October, up 0.3 percent month-on-month, of which 5.2 billion USD was contributed by the domestic economic sector, up 2.4 percent while the remaining was from the foreign-invested sector, down 0.4 percent.

Ten-month export revenue soared 20.7 percent annually to 173.7 billion USD, surpassing the MoIT’s forecast and raising the trade surplus to 1.23 billion USD.

A representative from the MoIT’s Export-Import Agency attributed the growth to manufacturing expansion in the foreign direct investment (FDI) sector, notably Samsung Display project.

Statistics from the agency showed that FDI enterprises, including crude oil, brought home 125.5 billion USD in ten months this year, a 22.1 percent rise. Meanwhile, domestic businesses raked in 48.2 billion USD, up 17.2 percent.

Up to 5.05 million tonnes of rice were shipped abroad in the period, earning 2.25 billion USD, up 22.3 percent in volume and 21.1 percent in value. Vietnam also signed a number of rice export contracts in the Philippines, China and Bangladesh.

Apart from agro-forestry-fisheries, exports of minerals and processed industrial products also hiked 29.7 percent and 21.9 percent, respectively.

Ten-month imports increased by 22 percent year-on-year to 172.5 billion USD.-VNA

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