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$200 billion worth of exports in 2017 gives push to economy

Farm exports on the rise

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam exported seafood to 167 markets in 2017, earning $8.3 billion in 2017. 

Europe, the US, Japan and China were the four biggest export markets, each of which brought turnover of over $1 billon.

The export turnover from South Korea is expected to reach $1 billion soon as the Vietnam-South Korea FTA has taken effect, paving the way for seafood exports to the market to surge by 27 percent to $784 million in 2017 against 2016.

Thuan Phuoc Seafood & Trading JSC’s chair Tran Van Linh, said that Vietnam puts high hopes on the Vietnam-EU FTA, expected to take effect in mid-2018, which will bring advantages to Vietnam’s exports.

Chair of Vinh Hoan JSC Truong Le Khanh also is optimistic about catfish exports in 2018, saying that the filet export price of $3 per kilo may increase further in 2018 which would help bring export turnover of $1.8 billion.

Vegetable and fruit exports have been increasing sharply in recent years from $800 million to $3.5 billion in 2017, representing a 30 percent annual growth rate.

Vegetable and fruit exports have been increasing sharply in recent years from $800 million to $3.5 billion in 2017, representing a 30 percent annual growth rate.

In late 2017, after 10 years of negotiations, Vietnam exported the first consignments of 2 tons of star apples to the US. 

Businesses feared the star apple export program would fail as litchis did. However, by the end of January 2018, exports to the US had soared to 200 tons.

Deputy director of Chanh Thu Fruit Import/Export Ngo Tuong Vy said Vietnam’s star apples have no rival in the US, so the products sell at good prices though they need to be shipped by air at a high cost.

Vietnam exports smartphones, electronics for FIEs

Though export turnover in 2017 was high, at $200 billion, this was not good news in economists’ eyes. 

Bui Trinh, a renowned analyst, said Vietnam now exports products for other countries, because a large proportion of exports are made by foreign invested enterprises (FIEs).

A report found that FIEs’ trade surplus reached $31.8 billion, while Vietnamese enterprises import turnover was $26.1 billion higher than export turnover.

The other industries, including textiles and garments, footwear and wooden furniture, reported high export turnover, but the real value earned by Vietnamese enterprises was modest because most of it was outsourcing for foreign partners.

Source: Vietnam Net

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