Vietnamese economy shows positive signals in January
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Vietnam’s total import-export turnover in January 2021 reached 55 billion USD, of which exports stood at 28.55 billion USD, representing a year-on-year increase of 55%, according to data released by the Import and Export Department under the Ministry of Industry and Trade.

Most items posted an impressive export growth, especially industrial goods such as mobile phones (6.1 billion USD, up 126% over the same period), computers and electronic components (3.9 billion USD, up 46%), wood and wood products (1.34 billion USD, up 59%), etc.

Vietnam’s total import-export turnover in January 2021 reached 55 billion USD, of which exports stood at 28.55 billion USD, representing a year-on-year increase of 55%. Photo: VGP

Agricultural and aquatic products, a highlight of exports in January

While the increase in export turnover of industrial goods was mainly due to the contribution of foreign direct investment (FDI) enterprises, the exports of agricultural, forestry and aquatic products were a bright spot despite the impacts of the Covid-19 pandemic.

Mr. Do Lap Nghiep, Deputy General Director of Nam Viet Group, said that during the last Lunar New Year, the company exported more than 200 tons of Tra fish to Europe, Thailand, Asia, South America, and the Middle East, etc.

According to Mr. Ho Quoc Luc, Chairman of the Board of the Sao Ta Foods Joint Stock Company, its shrimp exports showed positive signals in January.

"The United States and Europe remain potential markets”, said Luc.

The report of the An Giang province’s Department of Industry and Trade indicated that in the first month of 2021, most of the locality’s staples such as rice, seafood, vegetables, fruits, and garments, etc enjoyed stable export turnover. In particular, rice is forecasted to be a highlight this year.

The exports of agricultural, forestry and aquatic products were a bright spot despite the impacts of the Covid-19 pandemic. Photo: Nhan Dan

Making better use of tax incentives of free trade agreements

Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department under the Ministry of Industry and Trade attributed the positive export growth in January to Vietnam signing free trade agreements (FTAs) with most partners and the local enterprises making good use of tax incentives from these FTAs.

Given the complicated development of Covid-19 in the world, Vietnam’s exports to several traditional markets have encountered many difficulties. Nevertheless, the local enterprises have surmounted difficulties by boosting their exports to alternative markets, Hai emphasized.

As of 2020, Vietnam’s export markets with a turnover of over 1 billion USD have amounted to 31 from 24 in 2016. Among them, there have been 5 markets with a turnover of over 10 billion USD and 8 markets with a turnover of more than 5 billion USD.

Photo: Bao Cong Thuong

Hai said that the country’s exports could continue facing challenges caused by the Covid-19 epidemic in 2021, but he expressed his belief that it would still have a positive outlook thanks to tariff preferences of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EU-Vietnam Free Trade Agreement (EVFTA).

What’s more, the year 2021 is expected to witness a wave of shifting investment of FDI enterprises from countries in the region to Vietnam, repositioning the supply chain as well as taking advantage of incentives brought by FTAs.

The increase in the number of FDI enterprises will lead to the growth in exports since the exports of FDI sector has always accounted for a high proportion (over 80%) in the total turnover during past few years”, Hai added.

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