Exports contribute to Vietnam’s economic growth in 2015

Vietnam’s exports rose 8.1% in 2015 compared to a year earlier and were considered a highlight of the national economy with their expanded scale, contributing to GDP growth and generating more jobs for workers, particularly in the production of farm produce.

Vietnam earned US$162 billion from exports in 2015, lower than the set target of US$165 billion, with nearly 71% coming from foreign invested companies. The US and the EU remained Vietnam’s main export markets.

At the recent online conference between the government and provinces held late last year, Minister of Trade and Industry Vu Huy Hoang attributed 2015’s lackluster performance to the decline in global demand that influenced a number of Vietnam’s export items, including agricultural, forestry, and aquatic products, crude oil, and coal.

Photo for illustration. Source: doanhnghiepvn.vn

But in the last quarter, Vietnam worked hard to increase exports of several top earners, like rice and products from the processing-manufacturing industries, to spur export revenue. 

Vietnam’s achievements in increasing exports are attributed to the improvement of support policies for exports and trade promotion and the government’s completion of FTA negotiations with major economic partners.

The trade deals are expected to offer more opportunities for Vietnam’s exports, Doctor Vo Tri Thanh, Deputy Director of the Central Institute for Economic Management said, “FTAs are expected to have great impacts on Vietnam’s exports. Among 12 TPP countries, Vietnam is likely to be the biggest winner in terms of its influence on the total export value, with garments and textiles expected to double and millions of jobs expected to be generated.

The EU-Vietnam Partnership and Cooperation Agreement (PCA) has helped increase Vietnam’s exports by 35%.”

The Vietnamese government and state management agencies are proactively implementing measures to boost exports focusing on enhancing the competitiveness of the national economy as well as enterprises, productivity, and quality.

Tran Thanh Hai, Deputy Director of the Exports-Imports Department of the Ministry of Industry and Trade, noted, “State management agencies are trying to help domestic businesses expand the market by negotiating free trade agreements, with their sights on the US and EU."

"The role of Vietnamese management agencies is to accompany enterprises by developing support services for exports in logistics, administrative reforms, and designing a national and ASEAN single-door mechanism,” he added.