Vietnam exports hit $200 billion in 2017

Vietnam export

A report on last year’s imports and exports was released on March 22 by the Ministry of Industry and Trade. The report would provide accurate information on Vietnam’s trade to management agencies, policymakers and businesses. According to the report, Vietnam export value reached $200 billion last year.

The report includes an overview of the Vietnamese and Vietnam export situation. In addition, the report shows Vietnam’s markets, import-export policies and mechanisms and information on free trade agreements.

The report is a basic database to help enterprises make strategic plans, expand their trade and enhance their competitiveness.

Last year was a great year for Vietnam. The export value reached the highest peak than ever with $214 billion, a year-on-year increase of 21.2%. Besides improving the trade balance, it also helped promote production and create jobs.

Moreover, last year marked a transition in exports from raw materials to manufactured and processed goods. Exports of processed goods accounted for more than 81% and agricultural and fisheries items with 12%. This is in line with the target under the import-export strategy of the government.

Also, last year’s trade surplus was the highest level ever with value of $2.92 billion.The surplus was mainly with countries like the US, EU and Australia, which require strict requirements for imports.

The report also include more information on trade protectionism and barriers and solutions for export companies to overcome them. In addition, it provides statistics on the key import and export items of provinces and cities to help them make plans for development.