August 18, 2018 13:36

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Export is targeted to grow 10% in 2018

08:07 | 17/01/2018

VCN- In 2018, the Ministry of Industry and Trade targets an Index of Industrial Production increase of 9%, an export turnover increase of 10% and a trade deficit of below 3% of total export turnover.

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export is targeted to grow 10 in 2018
Illustrative photo. Source: Internet

Acknowledging the basis to set desired targets, especially the target of export growth of 10% in 2018, Minister of Industry and Trade Tran Tuan Anh, said that world economy is expected to recover and open up many opportunities for exports. The investment business environment is improved strongly due to the determination of the Government and efforts of ministries and sectors, making improvements in simplifying administrative reform and investment procedures, innovation in assisting startup businesses, businesses innovation and creativity to promote production and create sources of goods for exports.

In addition, the large projects in the fields of electronics-telecommunications, heavy industry, manufacturing and processing industries which have been invested in over the past time will be put into operation and exported, contributing to creating goods sources for exports. Vietnam’s major export commodities such as, textiles and garments, footwear, machinery, wooden products, agricultural products and fishery products have received benefits from FTAs signings over the past, and they are expected to have many challenges in EU markets when FTAs officially take effect.

However, Minister Tran Tuan Anh also stated that exports in 2018 will face some difficulties and challenges such as, an unstable world economy, a predicted low level of growth, and economic and trade policies of large economies such as the United States and the EU can change quickly and have multiple effects.

In addition, the protective trend is increasing. Importing countries set many technical and commercial barriers. Some agricultural products and minerals have reached the threshold, so it is difficult to achieve a high growth in export volume.

According to the report by the Ministry of Industry and Trade on the imports in 2017, the imports achieved positive results, contributing to the economic growth of the country.

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Especially, the total export turnover in 2017 reached about US$ 425 billion, an increase of 18.32% compared to 2016. Of which, exports were estimated at US$ 213.8 billion, an increase of 21.1% compared to 2016, reaching the highest growth rate since 2011 to present day and exceeding the target assigned by the National Assembly and the Government (the National Assembly assigned an increase of 7-8%).

The structure of export and import goods increased positively. Agro-forestry and fishery products and processed products showed high growth. The total export value of processed products reached US$ 173.5 billion, an increase of 22.4%. Exports of agricultural and fishery products increased (reaching US $ 25.9 billion, up 16.9%), of which many commodities with high turnover and growth such as fishery products reached US$ 8.35 billion, up 18, 5%; vegetables and fruits reached US $ 3.5 billion, up 43.1%, cashew nut US $ 3.52 billion, up 23.9%.

By Thanh Nguyen/Ngoc Loan