(VOVworld) – Last year’s exports were the main driver for Vietnam’s economy to overcome the difficult period. Vietnam earned more than 132 billion USD in revenue, 6 billion USD more than the target set by the National Assembly. Exports have brought in not only profits for the country, but also helped domestic businesses boost consumption.

Export is the most prominent area in the implementation of the 5-year socio-economic development plan from 2011 to 2015. (Photo: baodautu.vn)

2013 was a boom year for exports, with growth gaining15.3%, the highest rate compared to other sectors in Vietnam. This pushed the economic recovery against the backdrop of the low growth of retail sales, consumption service turnover and the sharp decline in the investment capital-to-GDP ratio.

FDI companies accounted for 66% of the country’s export revenue. However, the profit value brought by FDI businesses for Vietnam remains low because most of their materials have to be imported. Samsung Electronics Vietnam in Bac Ninh province is an example. The company earned 23.5 billion USD from exports but had to import a volume of materials worth 21 billion USD. Ngo Sy Bich, head of the management board of Bac Ninh Industrial Park, says: “Currently, the ratio of using locally-made materials by Samsung remains low, at only about 20%. I hope that more Vietnamese enterprises can participate in Samsung’s chain of production towards establishing added value chains in Samsung’s major projects as well as that of Canon and Nokia.”

Domestic exporters last year also saw some impressive growth. In addition to the traditional export items such as seafood, garments, textiles, and footwear, there was a breakthrough for several new products including mobile phones and accessories, computers and components, and electronic equipment. Vietnam now has 22 hard currency earners fetching more than 1 billion USD. Garments, textiles, and footwear retain their leading positions.

Moreover, Vietnam’s exports to major markets all grew, especially to the EU and the US, according to Dao Tran Nhan, Minister Counselor for Trade and Director of Vietnam’s Trade Office in the US. Nhan elaborates: “Vietnam’s export revenue to the US accounted for one fifth of the country’s total. It means Vietnam ran a trade surplus with the US when its exports surpassed the 25 billion USD mark. US’ imports were valued at 5 billion USD. In total, two-way trade revenue reached over US$30 billion last year.”

Among products exported to the US, garments, textiles, and footwear still made up the highest ratio. This market accounted for 36% of Vietnam’s total export earnings. The export of fiber alone created 20 billion USD in revenue, up 18% against the previous year and ranked second in the list.

According to the Vietnam Garment and Textile Group, the industry is likely to enjoy more positive signs with a stable number of orders from the US, the Republic of Korea, Japan, and ASEAN.  Hoang Ve Dung, the group’s Deputy General Director, says: “To date, we’ve seen a recovery in market demand and opportunities for the sector. This year, more investors and companies will take into account how to produce more products to meet customers’ needs.”

Vietnam has set a target of 145 billion USD in export revenue for 2014. To this end, it is increasing support for exporters, prioritizing the development of auxiliary industries, and making full use of FDI companies to learn their technology towards improving domestic production capacity.