Saturday, May 15 2021

VietNamNews

Processing industry leads Q1 export growth

Update: April, 12/2021 - 07:22
Agro-forestry-fishery exports, despite being hit hard by COVID-19, brought in approximately $5.97 billion, an annual increase of 6.6 per cent.— Photo palda.vn

 HÀ NỘI — Shipments of products from the processing industry brought in about US$67.39 billion in the first quarter of this year, representing 87.13 per cent of Việt Nam’s total export value during the period.

According to the Ministry of Industry and Trade, Việt Nam's export turnover in the first three months was estimated at $77.34 billion, up 22 per cent year-on-year.

Products posting the highest turnover included phones and components ($14.08 billion), computers, electronic devices and components ($11.96 billion), and machinery, equipment, and spare parts ($9.1 billion).

Agro-forestry-fishery exports, despite being hit hard by COVID-19, brought in approximately $5.97 billion, an annual increase of 6.6 per cent.

The growth was attributable to companies effectively taking advantage of new-generation free trade agreements.

Cao Quốc Hưng, Deputy Minister of Industry and Trade, said that since the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August last year, Việt Nam's exports to the bloc had been rising and grew 18 per cent in the first quarter.

Việt Nam also posted high growth in export value to members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), such as Canada (up 13.7 per cent), Australia (17 per cent), Chile (25.6 per cent), and Mexico (12.7 per cent).

Optimising the advantages from FTAs would be a key factor in stimulating Vietnam’s exports in the time to come, he said.

Trade surplus over 2 billion USD

Việt Nam's imports in the first quarter, meanwhile, stood at $75.31 billion, a year-on-year increase of 26.3 per cent.

Of the total import value, $66.1 billion came from purchasing raw materials and accessories for domestic production. This showed that firms were preparing for a new post-pandemic business cycle.

Hồ Lê Tùng, general director of the Hanoi Textile & Garment JSC (Hanosimex), said that yarn had sold well in the market since the fourth quarter of last year.

Hanosimex’s yarn factories were working at full capacity, as the company had contracts until May, he added.

Việt Nam posted a trade surplus of $2.03 billion in the first quarter, supporting its current and overall payment balance.

But its exports are forecast to face continued difficulties due to COVID-19, which may cause further interruptions to supply chains.

To accomplish the target set for the year, the Ministry of Industry and Trade is intensifying export promotion activities, including those online, to support businesses. — VNS

  • Tags:

Send Us Your Comments:

See also: