Exports still increased in many major markets
Covid-19 has adversely affected the production and export of many industries, but many businesses have actively improvised to adapt, maintaining efficient business and export activities.
Heavily affected by the interruption of export orders with major import customers in Europe, the U.S., Japan, etc. but Vietnam's export turnover in the first four months of the year still increased by 4.7%, reaching nearly USD 83 billion. A number of businesses still have good export orders due to production conversion and proactively adapting to business practices in the time of the pandemic.
Reporting the export situation in the first four months, Mr. Tran Thanh Hai, Deputy Director of Import and Export Department (Ministry of Industry and Trade), said that, despite Covid-19, exports still grew in many big markets. In particular, the United States remained the largest export market of Vietnam in the first four months, with an export turnover of USD 20.3 billion, increased by 13.4%. Next was China, with USD 13.1 billion, increased by 26.7%. Japan of USD 6.7 billion, increased by 10.1%.
Notably, many American markets recorded a strong increase, such as Mexico increased by 61%, Chile increased by 93%, Argentina increased by 55%, Colombia increased by 93%, Panama increased by 73% and Peru increased by 82%.
However, Vietnam's export prospects in the near future will greatly depend on disease developments in major export markets such as the U.S. and EU and China.
Mr. Hai added that in recent days, the positive factor is that China and Korea are controlling the disease well, so export activities to these two markets will probably recover faster in the near future.
For the rice industry, recently, the Prime Minister allowed to resume normal rice export. This is also a favorable factor to help export to have more growth engines, contributing to the country's export.
- Positive signs emerging for exports
- Five months: 17 items with export turnover of over USD 1 billion, accounting for 82% of total export turnover
- Covid-19 pandemic brought under control in Vietnam, PMI in May rose 10 index points
- Vietnam's trade surplus of nearly USD 2 billion
- Vietnam's economic growth will recover and is expected to reach 7% by 2021
- Exports still increased in many major markets
- Resuming potential pangasius export markets after COVID-19 pandemic
- FDI increased sharply while most of the key industries experienced negative growth
- WB: Vietnam economy could thrive again after social distancing measures are relaxed
- Prime Minister: Vietnam strives for GDP growth of over 5% in 2020