A seafood processing company. (Photo: congnghieptieudung.vn)

According to the Ministry of Industry and Trade, phones and phone parts are Vietnam’s biggest export earner: about 39 billion USD this year. Garments and textiles earned 25 billion USD and electronics, computers, and accessories earned 22 billion USD. The exports of footwear, aquatic products, fruits, and vegetables soared this year.

The growth is mostly due to Vietnam’s improved competitiveness in agro-forestry, fruit, and vegetable products. After imposing anti-dumping duties on Chinese timber products, the US is moving to ASEAN markets, including Vietnam. Vietnamese wood exporters seized the opportunity and earned an export value of nearly 3.7 billion USD in the first half of this year. According to the Ministry of Industry and Trade, Vietnam’s wood sector, and particularly wood furniture, will have many new opportunities in the US market.

Nguyen Ton Quyen, President of the Vietnam Timber and Forest Product Association, said: “It’s rare for the sector to grow 15% in one year. The sector is likely to reach 7.5 billion USD in revenue this year due to continued growth in Vietnam’s key export markets. For example, Vietnam earned 2.4 billion USD from the US market last year and this year the figure is predicted to be 2.8 billion USD. Growth in the Republic of Korea market brought in 600 million USD, up 200 million USD from last year. New markets in India, Canada, Russia, and the Middle East have shown positive signals.”

Fiber is another outstanding export earner as Vietnamese enterprises have made the most of free trade agreements between ASEAN and China and between Vietnam and the Republic of Korea. Specifically, fiber exports increased sharply in the Chinese and Korean markets, with turnover reaching nearly 1.7 billion USD.

Vietnam’s blue dragons are much sought after by consumers (Photo: congnghieptieudung.vn)

Vietnamese farm produce has penetrated demanding markets like the US, Japan, South Korea, New Zealand, and Australia this year. By November, fruit and vegetable export turnover totaled nearly 3.2 billion USD, far exceeding other key export items like rice, rubber, tea, and cashew nuts.

Tang Xuan Truong, Director of the Hung Viet Company in Hai Duong province, said:  “We have exported a great volume of goods and signed many big orders. The quality of our export products has been praised.”

Seafood exports have also seen breakthroughs. Early this year, the sector set a target of 7.4 billion USD in revenue but will achieve 8 billion USD, thanks to breakthrough growth in many new export markets.

Minister of Agriculture and Rural Development Nguyen Xuan Cuong said the agricultural sector’s annual growth rate is expected to be about 3%.

He added: “We have created a competitive edge in key commodities for export. Agriculture continues to grow. This year Vietnam will likely earn 35 billion USD from farm produce exports. We are determined to develop chain production and expand new markets. We will pay more attention to improving product quality to satisfy a domestic market of 92 million people and a global export market of 7 billion people.”