HCMC – Despite the impact of the Covid-19 pandemic, local exporters still maintained growth during the January-September period this year, with their exports emerging as a bright spot in the overall picture of Vietnam’s economy.
According to the Ministry of Trade and Industry, the country’s import and export revenue in the nine months amounted to US$388.3 billion, up 1.6% over last year’s figure.
The country exported goods worth over US$202 billion during the period, rising 4%. Of this, the exports of local businesses accounted for over US$71 billion, soaring 19.5% versus the 2019 figure and four times higher than the country’s export growth rate of 4%.
Overall, the positive export results were partly buoyed by the implementation of free trade agreements (FTAs) between Vietnam and other countries and regions.
Data from the ministry also showed that the country recorded 30 product groups obtaining an export value of over US$1 billion each as of the third quarter this year, accounting for 91.3% of the nation’s total export turnover.
Product groups contributing to the export growth comprised computers, electronics and components with an export value of US$32.2 billion, up nearly 30%; machinery, equipment and spare parts with the export turnover soaring as high as 39.8% at US$18.2 billion and wood and wooden products with outbound sales rising 12.4% at US$8.5 billion.
The Vietnam-European Union FTA coming into effect on August 1 this year has enabled more Vietnamese export products to reach various markets.
Apart from this, many Vietnamese export products saw positive changes in the EU market. Since August, the number of seafood orders increased some 10% against the figure in July and the seafood export value generated from the EU market expanded 1.7% compared with that of 2019.
The implementation of the FTAs has helped spur Vietnam’s exports in a fast and sustainable manner and cut the country’s reliance on some markets. To date, Vietnam has executed 13 FTAs with over 50 markets, with most of them being major economies, noted Phan Van Chinh, head of the ministry’s Import-Export Department.