From the end of July onwards, Vietnam has continuously recorded new cases of COVID-19 in the community with complicated developments that last longer than the scenario and forecasts that have had a strong impact on most industries. health.
Processing frozen seafood in Cholimexfood. Photo: VNA broadcast
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However, in order to ensure the realization of the dual goal of fighting against epidemics and ensuring economic development, with flexible and timely solutions, Vietnam will continue to see a trade surplus of 11.9 billion USD in the eight months of 2020.
Overcoming the challenge
Mr. Tran Thanh Hai, Deputy Director of Import and Export Department (Ministry of Industry and Trade), said that export turnover in 8/2020 reached $ 26.5 billion, up 6.5% over the previous month, mainly due to Samsung Company promotes exports of new Note 20 version products; of which, the domestic economic sector reached 9.5 billion USD, up 4%; foreign investment sector (including crude oil) reached 17 billion USD, up 8%.
Notably, export turnover in August 2020 increased by 6.5% compared to July 2020 and by 2.5% over the same period in 2019, reaching $ 26.5 billion, which is the highest monthly rate. in 2020.
If compared with the same period last year, the export turnover in August 2020 increased by 2.5%; of which the domestic economic sector increased by 18.3%; the foreign invested sector (including crude oil) decreased by 4.6%.
Generally in the eight months of 2020, the export turnover of goods reached $ 174.11 billion, up 1.6% over the same period last year.
In which, the domestic economic sector continued to be a bright spot with export turnover reaching 60.80 billion USD, up 15.3%; foreign investment sector (including crude oil) reached 113.31 billion USD (accounting for 65.1% of total export turnover), down 4.5%.
Notably, in 8 months, there were 27 items with export turnover of over 1 billion USD, accounting for 89.7% of total export turnover.
Specifically, phones and components reached 31.5 billion USD, accounting for 18.1% of total export turnover, down 5.5% over the same period last year; electronics, computers and components reached 27.6 billion USD, up 24.8%; textiles and garments reached 19.2 billion USD, down 11.6%; machinery, equipment, tools and spare parts reached 15.1 billion USD, up 31.9%; footwear reached 10.9 billion USD, down 8.6% …
However, according to Mr. Tran Thanh Hai, although in August 2020, Vietnam’s total merchandise export turnover increased over the same period in 2019, but in terms of main commodity groups and commodities still showed difficulties. certain.
Compared to August 2019, Vietnam’s export turnover increased mainly from the high growth of a number of items such as computers, electronic products and components with an increase of 15%; machinery, equipment, tools and spare parts by 43.6%; wood and wood products by 21.7%.
Meanwhile, the export turnover of many other key products still decreased compared to the same period in 2019 such as phones and components, textiles and garments, shoes, fibers, fibers, textiles …
In addition, some agricultural and aquatic products also recorded a decline such as seafood, cashew nuts, coffee, tea of all kinds, and pepper.
Analyzing more about the structure of the eight-month export commodity group, Mr. Tran Thanh Hai said that Vietnam’s exports of agricultural products, aquatic products and mineral fuels declined, with only industrial products. Variation slightly increased.
Toan Phat Mechanical Co., Ltd. (Hai Duong) specializes in manufacturing electric motors, water pumps and agricultural tools for domestic consumption and exporting to Laos, Cambodia, and South Africa. Photo: Vu Sinh – VNA
By the end of August 2020, the export turnover of most agricultural products decreased over the same period last year, such as seafood down 5.3%; fruit and vegetables decreased by 11.3%; coffee decreased by 1.3%; pepper decreased by 20%; rubber down 12.7%.
In addition, the export of cashew nuts and tea, although up 9% and 3.5% in volume, but decreased by 5.4% and 6.2% in turnover due to lower export prices.
Meanwhile, exports of cassava and cassava products increased in both volume and value over the same period in 2019, up 15.6% in volume and 3.6% in turnover.
Rice products alone decreased slightly by 1.7% in volume but increased 10.4% in turnover over the same period in 2019, reaching 4.5 million tons, turnover of $ 2.2 billion.
In the eight months of 2020, the average export price of rice increased by 12.4% over the same period in 2019, reaching an average of 489 USD / ton.
However, due to high world rice prices in general and Vietnam in particular in recent years, rice trade activities are not as active as the first months of the year.
Moreover, the epidemic COVID-19 has not been controlled globally, especially in EU countries, the US, and India.
Some countries, when removing the emergency, opening their borders, face a second wave of COVID-19, which has adversely affected economic activities, especially commercial activities.
Therefore, in 8 months, the US is still the largest export market of Vietnam with a turnover of 46.7 billion USD, up 19% over the same period last year. Following are China, EU, ASEAN, Korea, and Japan respectively.
In the opposite direction, import turnover of goods in 8/2020 reached 23 billion USD, up 4.1% over the previous month; of which the domestic economic sector gained 10.3 billion USD, up by 0.2%; foreign invested sector reached 12.7 billion USD, increasing by 7.5%.
Compared to the same period last year, import turnover in August 2020 increased by 2.8%; of which the domestic economic sector increased by 13.5%; foreign invested sector decreased 4.4%.
Thus, for 8 months, import turnover of goods reached USD 162.21 billion, down 2.2% over the same period last year; of which the domestic economic sector reached 72.05 billion USD, up 2.9%; foreign investment sector reached 90.16 billion USD, down 6.0%.
Mr. Tran Thanh Hai shared that, accounting for 88.45% of the total import turnover of Vietnam in the first eight months of 2020, is the group of goods that need to be imported, including raw materials for domestic production with a turnover of 143. , 5 billion USD, down 1.7% over the same period in 2019.
However, in August 2020, the import turnover of this commodity group had a positive growth with an increase of 4% compared to July 2020 and an increase of 2.7% over the same period in 2019.
Similarly, the import turnover of the group of goods that need to be restricted from imports also fell sharply by 15.6% in 8 months; in which, import turnover of vegetables and cars under 9 seats decreased the most, down by 35.6% and 46.8%.
China is Vietnam’s largest import market with a turnover of 49.3 billion USD, followed by Korea, ASEAN, Japan, the United States, and the EU.
Accordingly, in August, the country’s trade surplus reached 3.5 billion USD, so in 8 months, the trade surplus reached 11.9 billion USD; in which, the domestic economic sector saw a trade deficit of 11.2 billion USD; foreign investment sector, including crude oil, saw a trade surplus of 23.1 billion USD.
Flexible solutions
Cargo trucks waiting for export at Tan Thanh border gate, Van Lang district (Lang Son). Photo: Thai Thuan-VNA
In order to remove difficulties and promote the development of the import-export market in the following months, Deputy Minister of Industry and Trade Cao Quoc Hung affirmed that the Ministry of Industry and Trade has developed documents to regulate the origin of goods. fraud of origin of goods, initially effective.
However, Vietnam is also facing great risks in the management and sustainable export development.
Moreover, the Import and Export Department has researched and built import and export scenarios for markets, commodity sectors, proposed groups of solutions suitable for each group of businesses and localities in the export industry.
In addition, the Import-Export Department coordinates with the Department of Trade Defense to reevaluate the groups of goods at risk of trade disputes, including major partners as well as increasingly important partners of Vietnam.
On the other hand, in order to have effective solutions to approach growth goals, according to Deputy Minister Cao Quoc Hung, the Ministry of Industry and Trade continues to urge and synthesize the implementation plan of Free Trade Agreement (EVFTA) of the ministries, branches and localities to report to the Prime Minister; coordinate with the Government Office in monitoring and implementing these plans.
In addition, the Ministry of Industry and Trade will organize propaganda and dissemination of commitments in the areas of trade in goods, trade in services, investment, plans to reduce / eliminate import tax on goods and other EVFTA’s commitment to market access to improve the understanding of people and businesses.
At this point, the Ministry of Industry and Trade will develop a Trade Promotion Activity Plan for the period 2020-2025 to contribute to sustainable export development with the aim of reviewing and selecting a number of industries with potential products. There is room for development in the market that signed an FTA with Vietnam; forming a research system and providing in-depth market information for key commodity industries; review and identify potential target markets.
Notably, the Ministry continues to implement forms of trade promotion applying online tools to maintain the market, relations with partners, and support businesses to quickly find customers for products. agricultural products and foods, essential goods, products for epidemic prevention.
In particular, the Ministry of Industry and Trade also promotes the application of information technology through the e-commerce environment and digital technology platforms, taking advantage of the opportunity to promote e-commerce to promote the strong development of the domestic market. and export. /.
