Việt Nam's trade turnover poised to hit $800 billion mark

Durian has emerged as one of items with high export value. — Photo baotintuc.vn

Thịnh attributed his prediction to the fact that the country's trade activities have achieved many positive results with high growth recorded in major markets such as the US, the EU, Japan and South Korea.

In addition, the business community has been determined to boost export growth in the last quarter of the year, taking full advantage of the new generation free trade agreements (FTAs), he told baocongthuong.vn.

He added that the demand of import markets has been increasing thanks to many major festivals. That will facilitate Việt Nam's exports, especially textiles and garments, footwear, electronics, agroforestry and fisheries in the fourth quarter.

Sharing Thịnh's opinion, Chairman of the Vietnam Textile and Apparel Association (VITAS) Vũ Đức Giang said exports of garments and textiles are expected to bring in more than $4 billion each month for the rest of the year, pushing the total revenue in the whole year to more than $41 billion.

Meanwhile, General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruit) Đặng Phúc Nguyên said horticultural exports this year are likely to reach a new milestone of $7 billion, thanks to the growth of major markets such as China, the US and South Korea.

The nation's trade turnover saw a yearly rise of 16 per cent, to $578 billion in nine months, according to the General Statistics Office (GSO).

During the period, exports hit $299.63 billion, up 15.4 per cent over the same period last year, the GSO said, adding that seven groups of goods posted a turnover of over $10 billion each.

They included machinery, equipment, tools, spare parts, phones and components, computers, electronic products and components, footwear, garments, wood and furniture products, transport vehicles and spare parts.

The US remained Việt Nam's largest export market with a revenue of nearly $90 billion, with Việt Nam enjoying a trade surplus of $78.5 billion.

Meanwhile, the import value topped $279 billion in nine months, surging 17 year-on-year, with $178 billion from the foreign-invested sector. There were 40 kinds of goods posting an import value of over $1 billion each, accounting for 91.5 per cent of the total import turnover.

China was the biggest supplier of Việt Nam with a value of $105 billion, resulting in a trade deficit of more than $61 billion for Việt Nam.

Overall, Việt Nam posted a trade surplus of $20.79 billion from January to September, lower than $22.1 billion recorded in the same period last year.

According to the Ministry of Industry and Trade, efforts will be made to strengthen trade with major markets, especially those already having FTAs with Việt Nam.

The ministry will work hard to speed up negotiations, signing and ratification of FTAs and form new economic links with more markets, initially Israel and the UAE, diversifying trade links and supply chains.