Businesses advised to stay vigilant to maintain export growth

Update: 11:39 | 10/05/2021
Despite a rise in export revenue in the first four months of this year, experts suggested that businesses should not be too optimistic as the COVID-19 pandemic has seen complicated developments both in and outside the country.
Businesses advised to stay vigilant to maintain export growth
Illustrative image. (Photo: VNA)

Statistics from the Ministry of Industry and Trade (MoIT) showed that export value in April grew 44.9 percent over the same period last year, while that in the first four months of 2021 expanded 28.3 percent year on year to 103.9 billion USD.

The domestic economic sector earned 25.77 billion USD, up 12.8 percent, while the foreign-invested sector, including crude oil, raked in 78.14 billion USD, a rise of 34.4 percent and accounting for 75.2 percent of the total export value in the January-April period.

Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the MoIT, said that in the first four months of this year, 19 products enjoyed an export turnover of over 1 billion USD, accounting for 84.5 percent of the total export revenue, including five products earning over 5 billion USD.

Exports of agro-forestry-aquatic products reached 2.16 billion USD in April and 8.25 billion USD in the first four months of this year, up 7.9 percent year on year.

Meanwhile, fuel and minerals were the only groups that suffered a reduction in export earnings, at 21.6 percent, to 922 million USD.

Hai said that the processing sector was a bright spot in export in the first four months of this year with a rise of 31.2 percent to 89.73 billion USD.

Experts held that the export recovery of the majority of products will make important contributions to the country’s export revenue in 2021.

Meanwhile, imports in April reached 27 billion USD, up 43.5 percent year on year, resulting in a trade deficit of 1.5 billion USD in the month. The figure in the first four months of this year was 102.61 billion USD, up 30.8 percent year on year, with a trade surplus of 1.29 billion USD.

Hai held that amid the complicated developments of COVID-19, businesses should be aware of changes in the world market to optimise opportunities and maintain the export growth trend.

The official advised exporters to further exploit markets in Africa and Oceania besides those in America and Europe.

It is forecast that import-export activities will continue to be expanded in the future when free trade agreements are being implemented in a comprehensive and effective manner, which will further facilitate Viet Nam’s exports to other markets.

At the same time, prices of strong export products of Viet Nam are forecast to rise, which will contribute to increasing export value.

However, according to MoIT's Deputy Minister Do Thang Hai, import-export activities are still facing difficulties from difficult transportation, disrupted supply chains, and unstable market demands, as well as changes in food safety regulations in many markets.

He reminded businesses to continue improving their competitiveness and adaptation capacity to overcome difficulties, while actively reforming to tap new opportunities.

The deputy minister affirmed that in the future, the MoIT will continue to increase activities to support businesses in market expansion, administrative procedures, market information, while expanding trade promotions in online form to boost exports.

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(Source: VNA)