Workers process pineapples for export at the Tan Binh Export Foodstuff Joint Stock Company in HCM City. — VNA/VNS Photo Dinh Hue

HA NOI (Biz Hub) — The processing industry earned approximately US$71.9 billion from exports in the first 7 months of 2015, up 18.7 per cent from last year and contributing 77.9 per cent of Viet Nam's total export revenue, reported an official from the Ministry of Industry and Trade (MOIT).

In a conference on Monday, Head of the MOIT's Planning Department Nguyen Tien Vy said that products with export growth include cattle feed (up 16 per cent), plastic (11.3 per cent), footwear (22.3 per cent), and phones & components (28.2 per cent). Goods seeing dropping export earnings were seafood (down 15 per cent), coffee (33 per cent), rice (8.7 per cent) and iron & steel (15.7 per cent).

The ministry's report on trade and export revealed that the country shipped abroad $14.5 billion worth of goods in July, a 1.2 per cent increase from the previous month and 10.8 per cent against the same period last year. The figure has brought export revenue over the past seven months to roughly $92.3 billion, up 9.5 per cent year on year.

Trade deficit

The trade deficit hit $300 million in July and nearly $3.4 billion in the seven month period, equal to 3.7 per cent of total exports.

The devaluation of the euro has fuelled imports of many overseas materials.

According to the MOIT, the monthly export revenue amounted to an average of $13.18 billion during the period. For the remaining months, the country needs to boost its monthly export earning to $14.5 billion to meet its target of 10 per cent growth this year.

The Index-Industry Products (IIP) of the first seven months rose by 9.9 per cent annually with several key contributors including the processing and manufacturing sector (up 10.1 per cent), mining (9.2 per cent), power production and supply (11.5 per cent), and water supply and waste-wastewater treatment (7.1 per cent).

Industries with high growth include mobile phones (up 56.9 per cent), automotives (57.8 per cent) and oil and petroleum (37.9 per cent). — VNS