23 commodities achieve export turnover above US$1 billion
17:12 | 31/07/2020

VGP –  In the past seven months of the year, a total of 23 commodities recorded an export value of over US$1 billion, accounting for 87% of the country’s total export turnover, according to the General Statistics Office.

23 commodities achieve export turnover above US$1 billion

Deputy director of the Import and Export Department Tran Thanh Hai said the Ministry of Industry and Trade has been applying information technology to simplify administrative procedures, alongside deploying digital transformation in import-export activities to support local businesses.

The 23 export items include mobile phones and components, electronics, computers and components, garments and textiles, machinery, spare parts, footwear, timber and wood products, vehicles and spare parts, seafood, iron, and steel. 

According to the General Statistics Office, a number of positive signs have emerged for export activities as five Vietnamese dairy companies have been permitted to export their products to China, one of the largest potential markets in the world.

Despite the country’s vegetable and fruit exports to the northern neighbour plummeting due to the impact of the novel coronavirus (COVID-19), strong export growth has been recorded in other markets, such as the Republic of Korea, Thailand, Japan, and Taiwan (China).

The reviewed period saw the country rake in approximately US$145.79 billion from exports, representing an annual increase of 0.2%.

The domestic economic sector continued to represent a bright spot with export turnover rising by 13.5% to US$50.76 billion. 

Meanwhile, the foreign invested sector reported a 5.7% fall to US$95.03 billion, accounting for 65.2% of the country’s total export turnover.

Most notably, Vietnamese goods exported to the EU market are to be granted an electronic certificate of origin (C/O) immediately after the European Union-Viet Nam Free Trade Agreement comes into effect on August 1.

Furthermore, the export of commodities is expected to pick up during the remaining months of the year once the COVID-19 pandemic is successfully brought under control in markets that are key trading partners for Viet Nam.

The representative of the Ministry of Industry and Tradesaid that due to the impact of the Covid-19 pandemic, export turnover at some key export markets, such as the U.S. and Europe, dropped, leading to a sharp decline in exports of many products.

                                                                                                   By Vien Nhu

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