(VOVworld) – Despite numerous economic difficulties, exports achieved strong growth to become the highlight of the Vietnamese economy. VOV’s To Tuan reviews the country’s economic achievements this year.

Garments and textiles earned US$1.3 billion in exports so far this year. (Photo: Internet)

The latest statistics by the Ministry of Industry and Trade reveal that November’s export turnover totaled 10.2 billion USD, bringing to 104 billion USD the total for the past 11 months, up 18.4% from last year. Vietnam’s exports are certain to beat the target of 109 billion USD set for this year. According to the Ministry, this is thanks to Vietnam’s restructuring exports to include more processed and manufactured goods and high- tech products. Exports of mobile phones and components, computers and spare parts, and other electronic products have brought in revenues of 8.5 billion dollars so far this year. Ngo Sy Bang, the Director of the Management Board of Bac Ninh’s Industrial Parks, says ‘Vietnam is on the right track attracting high-tech projects, especially in telecommunications technology. In the long term, we’ll focus on high-tech projects to create higher added values and turnover.’

The foreign direct investment sector, particularly in machinery and equipment, spare parts, and transportation posted a growth of more than 60%. At the moment, Vietnam has 22 items with revenue exceeding 1 billion USD including steel, plastic, bags, and brief cases. The World Trade Organization recently reported that globally exports have increased about 6% for the year but over the past 11 months, Vietnam achieved a growth of more than 18%. Economist Nguyen Minh Phong said ‘To get such results, Vietnam has done a great deal against the context of a narrowed market, increased protective barriers, and higher input costs. Although prices of several export items have dropped, the government’s appropriate restructuring of exports has resulted in positive achievements in terms of value.’

Many traditional agro-forestry-fishery products maintained relatively high growths such as cassava, 63.5%, and coffee, 34.6%. Most impressively, processed and manufactured industrial items contributed 67 billion USD, accounting for 64.3% of the total export revenue.

In 2012, Vietnam has held a firm position in traditional markets like the EU, the US, Southeast Asia, Japan, and China, while domestic exporters have aggressively explored new markets. Vietnam is on track to earn 114.5 billion USD from exports this year, 4.6% above the set target, and 18.2% more than last year.

To Tuan