Garment is one of Vietnam's key export items (Photo: Danh Lam/VNA)

According to the General Statistics Office, Vietnam’s export revenues in 2018 totaled nearly 245 billion USD, up 13.8% against the previous year and well above the National Assembly’s target of 7 to 8% growth. Notably, domestic enterprises posed a growth rate higher than that of foreign investment enterprises.

Last year saw 29 products with export turnover of more than 1 billion USD, accounting for more than 91% of Vietnam’s total export value. Nine export items posted export turnover of more than 5 billion USD and 5 others reached more than 10 billion USD.

Phone and component parts are the items to have the highest growth of 50 billion USD. It’s followed by garment and textiles of 30 billion USD and electronics, computers and components reaching more than 29 billion USD. Farm and marine products also recorded breakthrough export growth.

Minister of Industry and Trade Tran Tuan Anh said the results demonstrated the government's strong determination, especially in evaluation and forecasting through which to establish proper measures for the future.

“The export sector’s impressive achievements last year were attributed to the good performance of each quarter right from the beginning months. It means the export growth was stable and sustainable, especially in the area of processing. Manufacturing emerged impressively for the growth index of industrial production and its contribution to the GDP growth,” according to Minister Tuan Anh.

This year domestic enterprises for the first time gained a growth rate of nearly 16%, while the FDI sector only posted a growth rate of 13.6%.

Vietnam ranked third in leather and footwear export and seventh in garment and textile.

The outcomes have become more important than ever for Vietnam, especially when the global trade is rife with numerous unexpected turns caused by new trade protectionism policies and the US-China trade war.

2019 is an especially significant year for Vietnam’s economy and the export sector in particular. Officially taking effect from the end of last December, the Comprehensive and Progressive Agreement for Trans-pacific Partnership (CPTPP) has created a free trade market making up about one tenth of the world economy. Exporters are said to benefit first from the trade pact. The trade relations between Vietnam and the EU will enter a new era of cooperation when the Vietnam-EU Free Trade Agreement is likely approved in the near future.

Deputy Minister of Industry and Trade Cao Quoc Hung said: “The free trade agreement is expected to offer much preferential treatment for farm produce of both sides. But in order to make the most of the incentives, it requires great effort and cooperation of the government, business community, associations, scholars, and scientists.”

Vietnam has targeted an export growth from 7 to 8% this year with revenue of 258 billion USD.