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Vietnam export has golden opportunities in 2015

Wed, 07 Jan 2015. Last updated Thu, 25 Jun 2015 08:58

The door of Vietnam export in 2015 is widely opened with eight free trade agreements were signed. Currently, Vietnam is conducting to complete elimination of tariffs and prepare for the sign of next five free trade agreements.

Significantly increasing from 100 billion dollars (2012) to 150 billion dollars, Vietnam export in 2014 successfully completed all its objectives. 2014 was the third consecutive year when Vietnam reached the trade surplus with the figure of 2 billion dollars. This figure was higher than the sum of 2012 and 2013's trade surplus. In 23 export commodities which were worth over 1 billion dollars, there were some noticeable names. The commodity should be firstly mentioned is phones and its accessories. Phones and its accessories was a leading item in terms of Vietnam export commodities in 2014 with the export value of 24 billion dollars. Also in 2014, Vietnam textiles and garments first time exceeded the number of 20 billion dollars and ranked the second position. Fruit and vegetable exports was estimated at 1.5 billion dollars, however, this items brought backs nearly 1 billion dollar of the export surplus. The increase of exporting fruits and vegetables was beyond the expectations. Agriculture, forestry and fisheries sector contributed to the list of 23 export commodities which were worth over 1 billion dollars 9 items involving rice, coffee, rubber, cashew, pepper, cassava, vegetables, fisheries and forestry products.

 

Vietnam textiles and garments

 

Nonetheless, Vietnam export still mainly depended on mineral resources and agriculture, forestry and fisheries. The export of processed products was still mainly in processing stages. Even if key export commodities had the low value added (phone 5%, textile 30 %...). The import and export still depended on a few markets like China, ASEAN, Korea, Japan, EU, and American which was easily lead to risks. In spite of all challenges and problems, a golden opportunity is open for Vietnam export in 2015 after signing 8 free trade agreements and the prospect of 5 other FTAs.

Mr. Nguyen Cong Bay, Quality Director of Hai Vuong Ltd. Company (Khanh Hoa) said that his company was investing in the improvements of product quality and prepare for a good chance when Vietnam - Korea FTA was signed to boost the company's export. Deputy Minister of Industry and Trade Tran Quoc Khanh stated that upcoming FTAs will open many opportunities for Vietnam export, especially in terms of forestry and fishery products, textiles, footwear, etc. However, the way in which Vietnam enterprises taking advantages of this great opportunity is still an open question.

 

Vietnam Export and Import from 2007 - 2014

 

According to a survey of The Economist magazine, in 2014, the average portion of Vietnam enterprises using preferences from FTAs was low, approximately 37%. Mr. Le Quoc Phuong, Deputy Director of Vietnam Trade Information Center recommended that in the next time, Vietnam would take part in more FTAs with other countries and organizations. The question is how to efficiently take advantages of this opportunity. 

In 2015, Vietnam almost opens agricultural markets for ASEAN countries. Import duty of all agricultural commodities in Vietnam market is equal to 0% except from some sensitive products. This means that agricultural export market will have more opportunities, nonetheless, it also depends on Vietnam enterprise's ability to realize the opportunities. 

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