Exports could top $133b by year end

Tuesday, Dec 03, 2013 09:00

The processing sector saw the highest contribution - $85.5 billion - to export turnover.— File Photo

HA NOI (Biz Hub)— Viet Nam could earn US$133.5 billion from exports this year, posting a 16.6 per cent rise year-on-year as it met 96 per cent of the 2013 target in the first 11 months.

Speaking at a press meeting to review the period, Nguyen Tien Vy, head of the Ministry of Industry and Trade's Planning Department said the country's exports in the period reached $121 billion, increasing 16.2 per cent year-on-year.

The ministry estimated that export turnover this month could be $12.5 billion.

Of note, domestic enterprises have promoted production to fulfill the year's target.

Vy said the figures showed the effectiveness of the Government's policies. He said they had had positive affects on production and business activities.

Interest rates have been on a downward trend as a stable foreign currency market made it easier to export.

The processing sector saw the highest contribution - $85.5 billion - to export turnover. Mobile phone and spare parts brought in $20.2 billion in the period, surging 78.4 per cent compared to the same period last year. The items have become export staples in two consecutive years.

This was followed by the garment and textile sector with a turnover of $16.4 billion, representing a 19.7 per cent increase.

Vy added that exports of materials and minerals fell during the period with turnover of $8.7 billion, decreasing 18.7 per cent against the corresponding period last year.

Exports to most of foreign markets have gone up in value. Exports within Asia rose 12.9 per cent, to Europe by 21.6 per cent, America by 28.2 per cent and Africa by 12.9 per cent.

However, Vy said the country's exports faced risks. His department has met with associations to find export markets for the year-end months as well as next year.

Answering about Hoang Anh Gia Lai Group's recent proposal to the ministry to be allowed to buy more sugar imports, a representative from the Import-export Department said this would not affect the purchase of local sugar.

The group wants an import quota for 30,000 tonnes of sugar from the group's factory in Laos' Attapeu Province to sell to Bien Hoa Joint Stock Company for refining and export to China.

He said the Bien Hoa Company was the only refinery in the country and offered to allow the company's sugar imports and exports be strictly supervised by the Customs Department and northern Lao Cai Province.

The ministry would be responsible for ensuring the exported sugar did not affect domestic sugar supplies. – VNS

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