(VOVWORLD) - Vietnam’s exports grew 8.2% and recorded a surplus of nearly 6 billion USD in the past 9 months, thanks to the new markets created by free trade agreements. The export expansion is predicted to continue for the rest of the year.
 Processing Tra fish for export |
The US continued to be Vietnam’s largest export market, with a 25% increase in turnover so far this year. The US is followed by the EU, China, and ASEAN. Export growth was reported in all the markets that have signed FTAs with Vietnam. Ngo Chung Khanh, Deputy Director of the Multilateral Trade Policy Department at the Ministry of Industry and Trade, said: “Since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, Vietnam’s exports to CPTPP markets have grown, particularly telephones, spare parts, machines, seafood, garment and textiles. Exports to non-FTA-markets have also been strong. For example, exports to Canada increased 33% and to Mexico 24%. Exports to Japan, with whom Vietnam has an FTA, increased 9.9%.”
Although this export momentum is forecast to continue, economists have warned of problems, including the unpredictable effects of the US-China trade war. Trade expert Pham Tat Thang said: “China has a shortage of food, especially pork. We can export pork to the Chinese market if our pork supply does not meet any difficulty. So a proper solution is needed.”