Vietnams exports forecast to hit 195 billion USD in 2017

Workers process squid and octopus for export to Japan at the Quang Ninh Sea Product Import-Export Company in Ha Long city (Photo: VNA)

Hanoi (VNA) – Vietnam’s export turnover is likely to hit 195 billion USD this year, up 10-11 percent compared with 2016 and 6-7 percent higher than the target set by the Prime Minister, according to the Ministry of Industry and Trade (MoIT)’s Export-Import Department. 

The department said the country’s export revenue in the first six months of this year stood at 97.78 billion USD, representing a year-on-year rise of 18.9 percent. 

The accumulated export-import turnover in the first half was close to 198.25 billion USD, a year-on-year increase of 21.5 percent.

In June alone, total export-import value reached 35.8 billion USD, down 1.6 percent against the previous month. Of the number, exports made up 17.8 billion USD, down 0.7 percent and imports were 18 billion USD, down 2.5 percent. 

The statistics show Vietnam ran a trade deficit of 200 million USD in June and nearly 2.7 billion USD during January-June, equivalent to 1.4 percent of the total export revenue. 

The country’s major exports included computers, and electronic products and components while its imports were machines, equipment, tools, fabrics, phones, plastic, garment-textile and footwear materials, petroleum. 

Experts held that the picture for export will be brighter in the coming time based on rosy forecast for the export of agro-fishery and industrial products like garment-textiles, footwear and timber products. 

Specifically, Deputy Prime Minister Trinh Dinh Dung has signed a decision on the issuance of the rice export market development strategy, which is expected to contribute to raising the country’s rice export value.

MoIT Minister Tran Tuan Anh underlined the need to keep a close watch on major import markets like the US and China, while putting forth methods to raise competitiveness of Vietnamese products in big markets.