Export turnover may exceed US$ 212 billion in 2017

VGP Vietnamese overseas shipment was forecast to outstrip US$ 212 billion in 2017, much higher than the rate of US$ 176 billion in 2016, a senior official said.

Director of the Ministry of Industry and Trade's Planning Department Duong Duy Hung was quoted as saying that this would be the first year Viet Nam would gain the impressive high export growth rate.

Industrial production index (IPI) was projected to outstrip the year plan and make positive contribution to the GDP growth rate of 2017 at about 6.7%. Total circulation of goods and service revenue would fetch a two-digit number.

The Ministry of Industry and Trade (MoIT) reported that trade turnover touched US$ 100 billion from December 1, 2007 to US$ 400 billion as of December 19, 2017. Deputy Director of the Ministry's Import-Export Department Tran Thanh Hai said that two years after a series of free trade agreements (FTAs) with the Republic of Korea, the Eurasian Customs Union (EACU), ASEAN, the Regional Comprehensive Economic Partnership (RCEP) took effect, trade turnover made a jump in growth rates, from US$ 100 billion to US$ 300 billion, and US$ 400 billion.

Moreover, Viet Nam has constantly expanded export markets with over 200 trade partners. Especially, since its WTO membership, Viet Nam gained a trade surplus of US$ 2.5 billion. The figure was projected to hit US$ 3 billion in 2017, to ensure the economic balance; stabilize the macro-economy; control inflation; and support the Government to fulfill 13 out of 13 preset socio-economic development indicators.

Especially, Mr. Duong Huu Hung attributed the impressive macro indicators in the second half of 2017 to the positive restructuring process of SOEs especially in key groups and general corporations.

In the future, the MoIT will promote building work of legal regulations and draft important legal corridors to implement State management activities and handle lost projects.

The ministry will continue to accelerate the administrative reform; keep a close watch on the market; and ensure equal competition among domestic production sectors especially steel, automobiles, fertilizers, and so on in order to boost production; renovate economic restructuring; and raise competitiveness competence./.

Source: Online Newspaper of the Government of the Socialist Republic of Vietnam