Trade

Vietnam: exports revenue to rise again

Jul 17, 2018 Vietnam

The first semester of the year closed with positive performance for the Vietnamese exports. Forecasts for the rest of the year indicates double digit growth

Vietnam’s export turnover is likely to reach 236.6 billion US dollars in 2018, an increase of 10% compared to the previous year, according to some analysts.

The Import-Export Department under the Ministry of Industry and Trade (MoIT) confirmed that the first half of this year ended with positive export outcomes, creating a good momentum for the rest of the year. According to the same source, Vietnam earned 113.93 billion USD from exports in the first six months of 2018, up by 16% year-on-year.

Telephones and spare parts; computers; electronic products and components; garments; machinery; and footwear continue to be the sectors leading the growth of exports revenue.

Key export products with high export revenue are predicted to continue grow in 2018, including phones and components (annual increase of 10.4%) and computers and components (an annual increase of 15.6%). They are followed by garments and textiles with an anticipated export turnover of 28.5 billion US dollars for the whole of 2018, up by 9.5% compared to 2017.

Exports of footwear are projected to reach 16 billion US dollars, an annual rise of 9.2%, while exports revenue of machinery, equipment and components is estimated to gain 14.7 billion US dollars, up by 15% over 2017.

The same source underlined that Vietnam's exports will continue to face challenges due to increasing trade protection measures in some important trade partners.

According to the latest edition of the World Footwear Yearbook (available here), in 2016 Vietnam produced 1.185 billion pairs of shoes (a share of 5.2% in worldwide production), taking the third position as the largest producing country. In 2017 Vietnam was the second largest exporter of footwear with a 7.4% share (1.021 billion pairs).

Vietnam