The Ministry of Industry and Trade of Vietnam is forecasting exports this year to exceed targets and reach US$200 billion, as both price and volume have been rising in recent months.
In the first six months of 2017, export turnover reached $97.7 billion, an increase of 18.8% compared to the same period of 2016 (which saw a 5.9% growth), according to a report from the ministry.
Given the strong performance in the first half, the trade ministry said, export turnover for the whole of 2017 is seen to hit about $200 billion, an increase of over 13% compared to 2016.
Tran Thanh Hai, deputy director for import-export of the ministry, said the robust growth in the first half of this year was due to the spike in the prices of fuel and agricultural products, and the expansion in the volume of mineral and manufacturing and processing products over the past months.
Exports rose for all commodity groups in the first six months, with growth of fuel and minerals accelerating 40.2% for an export turnover of $2.29 billion.
Industrial commodities grew 19.1% and posted a turnover of $78.56 billion. Exports of computers, electronic products and components were up 45.8%. Mobile phones and footwear both also recorded double-digit growth, while textiles and garments shot up 8.5%.
Agriculture, forestry, and fishery products had the lowest growth rate, but still posted an export turnover of $12.1 billion, up 16.7%. Vegetables and fruits led growth at 43.5% to top $1 billion in sales receipts.
Photo: Isai Symens
