Vietnam earns 27.3 bln USD from export in two months
Illustrative image (Source: VNA)
Vietnam’s total export earnings
hit 13 billion USD in February, raising the total in the first two months of
this year to 27.3 billion USD, up 15.4 percent annually, said the Ministry of
Industry and Trade (MoIT).
Of the two-month
figure, 19.7 billion USD was contributed by foreign investment sector,
including crude oil, marking a 16.8 percent increase while the remaining was
from domestic sector, up 12.2 percent.
statistics showed that agro-forestry-fisheries earned 3.2 billion USD in
February, or 9.9 percent rise year-on-year, accounting for 11.4 percent of the
commodities raked in less export revenues, including rice (21.4 percent), pepper
(26.9 percent), cassava and its products (15.8 percent).
materials group saw a 49.2 percent surge to nearly 0.7 billion USD, equivalent
to 1.9 percent of the total. Meanwhile, processing industry group earned 22
billion USD, up 1.5 percent year on year and making up 80.6 percent of the
total. Only a few commodities suffered steep export prices such as pepper (21.1
percent) and ore and other minerals (48.4 percent).
Notably, the US
remained Vietnam’s largest importer with a two-month growth of 18.9 percent, or
21.8 percent of the country’s total shipment. It was followed by Asia, European
Union, China and the Republic of Korea.
According to experts
from the MoIT’s Export-Import Department, the decrease in export volumes of
agro-forestry-fisheries, minerals and materials shows that domestic exporters are
facing increasingly intense competition from their Cambodian, Philippine,
Bangladeshi and Pakistani rivals, pointing to the need to outline a long-term scheme
to stabilise export capability.
During the two
months, the import of iron & steel wastages and nine-seater automobiles from
ASEAN and India rose significantly due to a reduction of tariff imposed on ASEAN
automobiles with fewer than nine seats from 40 percent to 30 percent as committed
in the ASEAN Trade in Goods Agreement, and steep discount of made-in-India car prices
to compete with those from Thailand and Indonesia.
The MoIT is embarking
on a sustainable export development scheme, in which, specific measures are
outlined to restructure the market, renew growth and improve competitiveness of
It will also
accelerate trade promotion of goods of high competitiveness, expand export
markets for key items and develop production to meet domestic and overseas
demand, towards a more balanced trade.-VNA