20/05/2016 15:35 GMT+7 Email Print Like 0

Vietnam Stands out in the Gloomy Global Trade Outlook

Despite the gloomy picture of global trade with the growth rate falling, Vietnam’s trade growth is highly evaluated by large trade organisations.
According to the report “World Trade in 2015 and Prospects for 2016” announced by the WTO, Vietnam is the only country among the World Trade Organisation’s top 30 export-import economies to achieve an impressive export-import growth in 2015.

The report indicated that Vietnam’s exports soared 7.9% to 162 billion dollars, and its imports surged 12.3%, reaching 166 billion dollars last year while major exporters such as China, Turkey and Italy recorded a falling value of maritime shipped goods.

In an overview, the report painted a dismal picture of global trade in 2015, with a total goods value dropping 13.2% to 16.5 trillion dollars.



Prime Minister Nguyen Xuan Phuc receives WTO Director-General Roberto Azevedo. Photo: Thong Nhat/VNA


WTO Director-General Roberto Azevedo exchanges with Vietnamese entrepreneurs. Photo: Tuan Anh/VNA


Prime Minister Nguyen Xuan Phuc and WTO Director-General Roberto Azevedo after the reception. Photo: Thong Nhat/VNA 

 

Vietnam’s success lies in its geographical location in Southeast Asia and its literate young population. These factors help boost industrial development, particularly the manufacturing sector
(Nabil Jijakli, expert of the CREDENDO Insurance Group, Belgium)
Vietnam has set a target of reaching a total export value of 173 billion dollars in 2016, an increase of 10% over last year and curbing a trade deficit below 5% of exports. The target shows Vietnam’s ambition, but it is feasible.

Some foreign economic experts believe that Vietnam is on the path to reach above the ambitious targets as Vietnam has participated in some bilateral agreements which will bring Vietnam additional investment capital and provide opportunities for more imports and exports.

Vietnam is looking for measures to bring into full play its advantages in some industrial sectors and major production fields of special concern, such as electronics, footwear, garments and textiles and jewelry. In the meantime the global demand is less than usual because of the worlds’ economic decline. Growth in the above sectors is stronger than others, providing opportunities for Vietnam to reach its targets.

Ahead of his official visit to Vietnam, Director-General of the WTO Roberto Azevedo said, “Vietnam is on the right path” in the process of international integration and trade liberation.  “Vietnam has boasted very significant progress, both in economic and social terms – millions have been lifted out of poverty. Vietnam has become a leading agriculture exporter and a very attractive sight for foreign direct investment in Asia. It’s an economy that’s playing a role in the region, and in the world,” added Roberto Azevedo.

Recently, a report on the economy in the Southeast Asia-Pacific region released by the World Bank also said that Vietnam’s economy spectacularly overcame the global crisis due to increasing demand in the country and a high export value from products in the manufacturing industry. After the low period in 2012-2013, Vietnam’s economy has gradually recovered, reaching 6% in 2014 and continually increasing to 6.7% in 2015.



Vietnam is one of the world’s leading exporters of agricultural products, including rice. Photo: An Hieu/VNA


Vietnam is seeking to take advantage of major manufacturing industries, such as garment and textile.
Photo: Danh Lam/VNA



The General Department of Vietnam Customs has put its Analysis and Classification Centre for import and export goods into operation since 2015, contributing to the fight against trade frauds and the creation of a fair import-export environment.
Photo: Hoang Hung/VNA


A factory to produce electronic component parts for export of RFTECH Thai Nguyen Company (100% of the
South Korean capital) at Diem Thuy Industrial Park (Phu Binh, Thai Nguyen).
Photo: Hoang Nguyen/VNA


Processing catfish for export at Bianfishco Company, Can Tho City. Photo: Huy Hung/VNA

Processing cashew nuts for export at the Nhat Huy Joint-stock Company in Binh Duong. Photo: Nhat Huy/VNA 

 

Sharing similar views, Nabil Jijakli, an expert from the CREDENDO Insurance Group, Belgium said that Vietnam’s economy has positively developed over the years and the average growth rate is above 6% which is a dream for many western countries.

According to him, the key to Vietnam’s success lies in its geographical location in Southeast Asia and its literate young population. These factors help boost industrial development, particularly the manufacturing sector. Jijakli lauded the favorable business climate in Vietnam and advised European firms to invest in the country.



“Vietnam has boasted very significant progress, both in economic terms, in social terms - millions have been lifted out of poverty. Vietnam has become a leading agriculture exporter and a very attractive sight for foreign direct investment in Asia. It’s an economy that’s playing a role in the region, and in the world,” added Roberto Azevedo.


 
By VNA/VNP