Vietnam black pepper – Export is the bright sigh for Vietnam’s economics.

Vietnam black pepper

Exports remain one of the highlights of Vietnam’s economic landscape. Many people expect exports to reach new highs in the last months of 2018.

According to a report by the General Statistics Office, in the first 6 months of 2018, export turnover increased 16% over the same period in 2017 and exports continue to be one of the highlights of the economic picture, is Expect new achievements in the last months of the year.

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In the first half of 2018, export turnover of the country has officially reached $ 225.29 billion, an increase of 13% over the same period in 2017. Of which, export turnover was estimated at 113.93 billion, up 16%; Import turnovers were estimated at $ 111.22 billion, up 10%.

Exports of some key products continued to increase compared with the same period last year, of which 20 items reached an export turnover of over $ 1 billion, accounting for 85.6% of total export turnover. country. These figures are the highlight of Vietnam’s exports in the first half of this year. Rice is one of the strongest items in the group of 20 export items reached more than $ 1 billion. Leading phones such as phones and components accounted for 99.7%; electronics, computers and components 95.4%; machinery, equipment 89.7%; textiles 60.6%.

One noteworthy point in the export picture of Vietnam is that the growth of the domestic economy accounted for 20%. In addition to the traditional exports such as rice, coffee and rubber, in the first half of this year, domestic enterprises have exported many other industrial products.

Despite the fluctuations in markets such as barriers to trade defenses that have been set up repeatedly, the growth rate of Vietnam’s exports to some potential markets has also increased significantly. on the growth rate of general exports over the same period last year. Typically, the United States is Vietnam’s largest export market in the first 6 months of 2018 with US $ 21.5 billion, up 9.2%; followed by the EU with US $ 20.5 billion, up 12.3%; China reached $ 16.6 billion, up 28%; ASEAN market reached USD 12.2 billion, up 17.4%; Japan reached $ 9 billion, up 12.5%; Korea reached $ 8.6 billion, up 31.8% year on year.

Along with the growth of exports, the surplus trade balance is still one of the bright spots in Vietnam’s trade in the first months of 2018. Trade balance of goods in the first 6 months trade deficit of USD 2.71 billion, of which the domestic economic sector is USD 12.94 billion; Foreign investment (including crude oil) trade surplus of $ 15.65 billion.

Service exports in the first 6 months of 2018 were estimated at $ 7.5 billion, up 16.4% over the same period last year. Of which, tourism services reached $ 5.2 billion, up 18.9%; transportation services reached USD 1.4 billion, an increase of 11.8%.

Creating momentum for the last months of the year

The first half of 2018 has ended with positive results that will create good momentum for export in the last few months of the year, Vietnam continues to trade surplus for the whole year and contribute significantly to economic growth. Particularly, according to analysts, the rule of order volume often fall in the last quarter of the year, so exports and exports in general in 2018 is expected to achieve many achievements. new.

According to Nguyen Viet Hung, Head of the Management Unit of the ASEAN Single Window and ASEAN, the export will maintain a good growth rate. Specifically, export growth is two digits and may be twice as high as GDP. In particular, exports are estimated at $ 240-242 billion, up 13% over 2017. Total export-import turnover is estimated at $ 475-477 billion, up 11.5% over 2017. Balance surplus Commodity Trade Low. Along with this growth momentum, in 2019, export and import turnover will reach 525 billion USD, of which export turnover is 265 billion USD, increasing 10% compared to 2018, increasing 50 billion USD compared to 2017.

In the coming time, the industry and trade sector will continue to strongly propagandize, inform and raise the awareness of the business community about FTAs. By that, to take advantage of the advantages, while maintaining and improving the quality of business consultations in the process of negotiating the signing, modification and upgrading of FTAs.

What else?

Besides, to step up production development, increase investment in development of supporting industries, step by step take initiative in supplying raw materials for export goods production, creating export goods sources along the lines of regulations on Origin of goods to take advantage of the opportunities for tariff preferences, open markets that the FTA brings, and reduce the import pressure. Continuing to review and evaluate the impact of the signing and implementation of FTAs ​​in each sector to adjust the sector development strategy more appropriately.

And in order to export towards sustainable growth, there is a need for a global solution to boost production, develop high-quality human resources, and add value to the strategic movement of the economy. enterprise. According to the project on enhancing the competitiveness of Vietnam’s export commodities up to 2020, orienting to 2030 promulgated by the Prime Minister on August 3, 2017, the general objective is to enhance the competitiveness of goods. Vietnam exports in the world market and strive to increase exports by 2020 more than triple in 2010, balance trade balance by 2020 and reach a trade surplus in 2021-2030. .