As published in the periodical press conference by the Ministry of Industry and Commerce on Oct 16th, despite Covid-19’s negative impact on the global economy, Vietnam’s export activities have witnessed optimistic results.
According to International Trade Center, the export turnover of 44 countries calculated until the end of July plunged by 12.4%.
Regarding export, the export value of the total 9 months is estimated to see a rise of 4.1% year-on-year, with the most outstanding number laying in Q3/2020 obtaining 80.07 billion USD – 11% and 34% higher than the figures for the same period last year and Q2/2020 respectively.
At the press conference, Mr. Do Thang Hai, Deputy Minister of the Ministry of Industry and Commerce shared that: “The trend has shown a positive recovery in Vietnam export within Q3/2020. Products in processing industry have contributed most (84.6%) to the total export turnover, with a 4.7% year-on-year increase.”
Simultaneously, there has also been a positive increase in the import turnover with 68.54 billion USD in Q3/2020 – an 18.5% increase compared with Q2/2020. However, the total number recorded for the whole 9 months was still 0.7% lower than the same period last year. The main type of products suffered are those kept under control like: cars with < 9 seats (- 44.2%); camera (- 10%); vegetable & fruits (- 32.3%),… Meanwhile, products encouraged to be imported has not been greatly impacted with only 0.3% decrease year-on-year.
EVFTA coming into effect from Aug 1st, 2020 is a catalyst for the import-export value increase for many products. Besides seafood, Vietnam’s rice, together with smartphones, machines, garments, wood and coffee, exported into Europe have also shown positive signals.
With regard to the US and other markets, the Ministry of Industry and Commerce analyzed that export turnover to these markets would see good results for the remaining months, thanks to the increasingly high demand all over the world.
Translated and edited by: Dandelion