Vietnam has also quickly improved its ranking among export economies. The country jumped 24 places to rank 26th among the world’s largest exporters last year from 50th place in 2007.

In 2007, Vietnam had only 14 markets with export-import turnover value exceeding USD 1 billion, with the only USD 10 billion market being the US. By the end of the last year, the country had four USD 10 billion markets and 31 markets with USD 1 billion in export-import turnover.

In addition, Vietnamese products have found their way into markets in different parts around the world. Last year, 23.4 percent of Vietnamese products (in term of value) were exported to markets in America, 18.4 percent to Europe and 53.6 percent to Asia, compared to 2007’s figures, which were 13.4 percent, 15.2 percent and 65.8 percent, respectively.

Photo: VNA

By the end of October, the US remained Vietnam’s biggest importer followed by China, ASEAN, Japan and the RoK. Export value to relatively new markets such as Russia, New Zealand and Canada has increased year-on-year by 13.9 percent, 12.5 percent and 30.9 percent, respectively.

The report, however, pointed out shortcomings and limitations of Vietnamese products such as low level of diversification among agricultural exports and high vulnerability to changes in markets.

The ministry said it has made a number of recommendations to the Government to help build the country’s strategy to boost exports for the 2015-2020 period, with a focus on increased diversification of products and new markets.

Vietnam’s exports were estimated at over USD 217 billion during the first ten months of 2019, up 7.4 percent annually, or 82.5 percent of the year’s target, staying on track for a growth rate of 7-8 percent for the year.

Trade surplus was estimated at USD 7.05 billion, higher than the USD 6.83 billion recorded last year.

The ministry’s data showed 29 groups of commodities raked in over USD 1 billion with five of them earning more than USD 10 billion, namely mobile phones and spare parts (USD 43.5 billion), electronics, computers and accessories (USD 28.8 billion), apparel (USD 27.4 billion), footwear (USD 14.6 billion), and machinery, equipment and tools (USD 14.6 billion). Together they accounted for 59.4 percent of the country’s total exports.

Should the current trend continue, 2019 looks to be the fourth consecutive year the Vietnamese economy shifts from a deficit to a trade surplus.

Source: VNA