The Ministry of Industry and Trade has predicted that Vietnam's export turnover in 2012 will reach US$109.5 billion, up 13 percent against 2011.
Illustrative photo - Source: VOVNews
According to the General Statistics Office (GSO), Vietnam enjoyed a trade surplus of US$100 million in July of this year.
The Foreign Direct Investment (FDI) sector alone is estimated to earn US$39 billion from exports in the first seven months this year, up 36.6 percent against the same period last year and accounting for 62 percent of export turnover, while the sector imported US$32.9 billion worth of goods, up 25.3 percent from last year’s period and accounting for 52.2 percent of the country's total imports.
Textiles and garments remained key exports in July, earning US$1.4. billion, followed by mobile phones and spare parts (US$1.2 billion), crude oil (US$975 million), and seafood (US$520 million).
These figures indicate a downward trend for exports in July compared to previous months, with most farm produce, including rice, coffee, cashew nuts, and cassava seeing reductions in volume and value.
In the meantime, import values saw a slight increase with electronics, computers and spare parts recording the highest import values of US$1.05 billion (down US$20 million), followed by automobiles at US$630 million, fabrics at US$600 million, and steel, US$507 million.
The Ministry of Industry and Trade has estimated that imports will hit US$115 billion in 2012, up 7.7 percent from 2011.
According to an action program on implementing the Government's 2011-2012 Export-Import Strategy, with a vision to 2030, export turnover in 2020 will be three times higher than that in 2010 and national per capita income will reach US$2,000.
Export growth is expected to be maintained at an annual 12 percent in the 2011-2015 period, 11 percent in 2016-2020 and 10 percent in 2021-2030.
Vietnam also aims to keep its trade deficit below 10 percent of its total export revenues by 2015, ensure a trade balance in 2020, and enjoy a trade surplus between 2021-2030.
The country will also develop favorable policies to promote high potential, highly competitive and high-value added exports. Exports will be developed in a sustainable manner by increasing their value.
Accordingly, Vietnam will promote new technology to increase exports of processed minerals, improve the productivity and quality of the agricultural, forestry and aquatic sectors, and develop high-tech products and support industries.
In order to achieve these goals, the strategy also proposes measures for speeding up economic restructuring and market development, as well as financial and credit policies, and infrastructure and human resources development./.