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Export revenue to reach US$85.5 billion in 2011
Vietnam is expected to earn a total export revenue of US$84.5-US$85.5 billion in 2011, announced the Ministry of Industry and Trade (MoIT) at a conference in Hanoi on July 4.
The figure represents a year-on-year increase of 17-18.4 percent, or US$6.1 billion more than the year’s target set by the National Assembly (NA).
Sharp increase in exports
The export revenue for the first six months of this year hit US$42.3 billion, up 30.3 percent over the same period last year. This was attributed to a 15.6-percent increase in value and 14.7 percent rise in volume.
Export revenue in the first half of 2011 fulfilled 53 percent of the NA’s set target of US$79.4 billion for the whole year.
According to Nguyen Tien Vy, Head of the MoIT’s Planning Department, the turnover of key exports increased sharply, including farm produce and garments and textiles.
Agricultural and aquatic products are forecast to reap US$19 billion in 2011, up 25 percent compared to the previous year, while export earnings from fuel and minerals are expected to reach US$10.6 billion. Export revenue from industrial products is predicted to hit US$45 billion.
The garment and textile sector aims to earn an export turnover of US$13 billion this year.
Phan Van Chinh, Head of the MoIT’s Import and Export Department, said that the 30.3-percent increase in export revenue in the first half of this year was a significant achievement despite the rising inflation rate, high production costs and negative impacts caused by natural disasters in Japan, instability in Africa and the debt crisis in Europe.
Reducing import surplus
The MoIT said there will be an increase in interest rates and prices of electricity, steel, and oil and gas in the near future. The import value of fuel and construction materials is rising strongly due to the surging price of inputs which may lead to an increased trade deficit in the near future.
The Ministry predicted that Vietnam will spend about US$49.5-US$50.5 billion on imports in the second half of the year, increasing the total import turnover to almost US$99 billion in 2011. The country’s import surplus is likely to reach US$14-US$14.5 billion by the end of the year, accounting for 15.7 percent of its total export revenue.
The MoIT has proposed a number of measures to reduce the trade deficit, with a focus on strictly controlling luxury goods such as mobile phones, wine and cosmetics imported through three major international seaports in Hai Phong, Da Nang and Ho Chi Minh City.
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