Vietnam’s export structure drastically changes

Vietnam’s export capacity has improved as shown by the export turnover of 18 groups of goods gaining over US$1 billion.

In 2010, textiles came first with the export turnover worth US$11 billion (up 21.3 percent over 2009 and accounting for 15.5 percent of total export revenues) – exceeding the year’s target by 8 percent.

Leather and footwear and fishery came second with US$4.9 billion turnover, 8.1 percent over their target, followed by rice with over US$3 billion, exceeding the target by 8.6 percent.

2010 saw other five groups of goods reaching the export turnover of over US$1 billion, including cashew, petrol, plastic products, cable and vehicles.

Exports of other products also grew, such as equipment, spare parts, chemicals, rubber and glass.

Vietnam expanded its export markets with export revenues exceed the target. For example, export to India increased by 133 percent, to Taiwan 28 percent, Hong Kong 46 percent, the Republic of Korea 38 percent and China 45 percent.

VOV interviewed Nguyen Thanh Bien, Deputy Minister of Industry and Trade about the achievements.

VOV: Could you explain why the structure of exports has changed significantly?

Nguyen Thanh Bien: The export structure in 2010 has changed. Export from industry, manufacturing, technology and education increased, while raw products exports decreased.

The products of the processing industry increased from 63.4 percent in 2009 to 68.2 percent, while those of raw materials went down from 15.2 percent to 11.1 percent, and agricultural and fishery products fell from 21.5 percent to 20.8 percent.

Export from foreign direct investment (FDI) sector rose by 26 percent, becoming the leading export sector of the country in terms of value.

VOV: Could you tell us about the effectiveness of the measures to reduce the trade gap?

Nguyen Thanh Bien: Under the leadership of Government, ministries and related agencies, 2010 witnessed remarkable achievements in import and export with high growth rates, and the reduction of trade balance deficit.

Among eleven key import items, accounting for over 83 percent of the total import turnover, milk and milk products increased by 59.5 percent, vegetable 44.9 percent, oil 29.6 percent, sugar and confectionery 105.8 percent, and household appliances 23.9 percent.

These products have been produced Vietnam for a long time but their quality did not meet consumers’ demands.

Other luxurious and high-grade goods imports fell over 2009, including fruit (13.4 percent), beverages (34.7 percent) and under-10 seat cars (7.4 percent); some increased slightly such as mobile phones (2.8 percent) and cosmetics (14.8 percent).

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