Wood is among key export products in 2019

Import and export set new record

As one of the goods that maintain high export growth, exports of wood and wood products maintained a growth rate of up to 17-18% during the months of 2019.

Dien Quang Hiep, Chairman of Binh Duong Furniture Association (BIFA), said with Nhan dan (People) newspaper that  with about 4,700 wood production and processing enterprises besides traditional markets, the increase in consumption in new and potential markets such as Canada, the Eurasian Economic Union, and Central and South Asia opens up opportunities for Vietnam's wood export throughout 2019 and the years to come.

“Vietnam's signing of Free Trade Agreements (FTAs) such as FTAs with ASEAN (AFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and recently the EU-Vietnam Free Trade Agreement (EVFTA) have helped import tariffs on many products of the countries that participate in the agreements continue to be cut or eliminated, creating competitive advantage for Vietnamese wooden furniture," Mr. Dien Quang Hiep added.

Along with wood products, many of Vietnam's goods maintained very high export growth rates in 2019 such as phones, computers, textile and garment, and footwear, helping the country's export and import turnover officially reach USD500 billion in mid-December 2019, an impressive figure which shows the sustainable growth and development of international trade in Vietnam's economic structure. The country's export turnover also reached the goal set by the National Assembly (up from 7-8%) with trade surplus of over USD11 billion. The figures are of greater significance in the context of the unstable econnomic situation, and declining export turnover of many large countries in the world.

“The figure of USD500 billion of import-export turnover helps Vietnam to reach the top 30 countries with good import-export growth in the world. In terms of growth of up to 13%, Vietnam is in the top of the world maintaining high and sustainable growth. In particular, the trade surplus of more than USD11 billion solves a lot of problems, especially in the macro economy. Stable and high level of foreign currency reserves ensures continued investment in expanding production, creating market confidence," Minister of Industry and Trade Tran Tuan Anh said.

In addition, the record import and export amount also shows that our businesses have effectively taken advantage of 12 FTAs. Currently, Vietnamese goods have been exported to 200 markets and countries in the world. Growth rate of trade turnover to markets with FTA such as Japan, the Republic of Korea and Canada have maintained double digits.

Plan for 2020

According to Minister Tuan Anh, to promote the achievement, the Government is consistent in creating favourable conditions for macroeconomic stability and for Vietnam's cooperation; continuing to enhance the production capacity of the economy, participating in international trade; boosting administrative reform and institutional and legal improvement; and protecting Vietnamese goods from the risk of product origin fraud.

Confirming that the business community is key for import and export activities, he stressed that besides the support of the State, the business community should continue efforts to create a breakthrough in import and export activities./.

Compiled by BTA