According to the latest figures from the General Department of Customs (Ministry of Finance), exports of products reached 301.73 billion USD, up 18.3%, while imports reached 300.27 billion USD, up 27.9% compared to the same period last year.
The processing industry has grown at an exponential rate
According to data from the Ministry of Industry and Trade, in the first 11 months of 2021, the group of processed industrial products had a total export turnover of 257.95 billion USD (up 18.8%) over the same period last year and accounted for 86.1% of total export turnover of Vietnam.
In this group of goods, iron, steel, shoes, sandals and electronic products, etc. are the items that make great contributions to Vietnam’s outstanding export growth. Specifically, iron and steel exports are estimated to increase by 129.8% (equivalent to 10.81 billion USD); footwear increased by 3.3% (estimated at USD 15.54 billion); computers, electronic products and components increased by 11.9% (reaching nearly 45.05 billion USD) over the same period last year.
According to Mr. Dinh Quoc Thai, General Secretary of the Vietnam Steel Association, not only in 2021 but also in the 2016-2021 period, exports of steel and semi-finished steel products (crude steel, ferro, etc.) about 20%/year, of which the export of finished steel products grows by 12%/year.
The processing industry’s exports increased significantly
Besides the group of processed industrial products, the group of agricultural, forestry and fishery products also had a similar growth rate. According to the Ministry of Agriculture and Rural Development, in the first 11 months of 2021, the import and export turnover of agricultural, forestry and fishery products has achieved impressive results.
Specifically, overall export value virtually climbed by 14.2% (equal to 43.5 billion USD) over the same period last year, with exports reaching more than 4.1 billion USD in November 2021 alone. Over the same time period, total import value climbed by 10.5% (equal to 39.17 billion USD). As a consequence, the overall import-export turnover of agricultural, forestry, and fisheries goods was close to 82.67 billion USD.
Moreover, the export of rubber, coffee, cashew nuts, pepper, rice, etc. alone reached 19.3 billion USD (up 13.7% over the same period last year). The export of forest products reached 14.3 billion USD, exceeding the target set by 13 billion USD and the whole year seafood export was estimated at nearly 8.7 billion USD.
According to Mr. Phung Duc Tien, Deputy Minister of Agriculture and Rural Development, the sector as a whole aims to export between 42 and 44 billion USD by early 2021. However, during the 6th National Farmers Forum a few days ago, he estimated that agricultural, forestry, and fisheries exports this year might “achieve the aim” of over 47 billion USD.
Continue to promote export growth
To promote exports in the future, the Ministry of Industry and Trade will continue to focus on developing solutions to strengthen and expand export markets, taking full use of the FTAs that have been implemented. Help firms focus on small and specialized markets; collaborated with the Chinese Embassy to propose easing customs clearance and exporting items through the northern border gate.
The representative of the Ministry of Industry and Trade also mentioned the possibility of continuing to promote administrative procedure simplification, with a particular emphasis on implementing administrative procedures in the field of import and export under the National Single Window, ASEAN Single Window, and so on, to make it easier for associations and businesses to participate in import and export activities.
Huyen Tu
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