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Manufacturing And Processing To Be Driving Force For Vietnam’s 2018 Trade Surplus

Manufacturing And Processing To Be Driving Force For Vietnam’s 2018 Trade Surplus

In accordance to Vietnam’s Cong Thuong newspaper, the country’s export revenues in 2018 is projected to reach a value of US$237 – 239 billion with an expected 10 – 12 percent year on year increment, while FDI investments reached US$127.84 billion, increasing by 14.6 percent. This is mainly attributed to the growth in the manufacturing and processing industry which constitutes a majority of the country’s exports, with smartphones comprising the largest export pool.

In March, Vietnam’s export turnover reached a high of over US$21 billion while in August, export turnover peaked at US$23.48 billion. Of which, US$5 billion were from smart phone exports over those two months.

The local government is also looking to reduce import tariffs to 0 percent due to free trade agreement commitments and this has increased the competitiveness of Vietnamese products, especially when coupled with the improvements in the local business environment. Also, while the US-China trade war has yet to be resolved, the Ministry of Industry And Trade will be monitoring it to reduce its impacts on Vietnam’s trade activities.

On the whole, Vietnam witnessed a trade surplus of US$5.39 billion in the January – September period, of which the FDI sector contributed for a trade surplus of US$23.65 billion, and domestic enterprises constituted a trade deficit of US$18.26 billion.

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