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Vietnam Today

2020 exports may outperform region

Released at: 12:09, 06/01/2020

2020 exports may outperform region

Photo: Viet Tuan

Maybank Kim Eng report paints bright picture for Vietnam's exports this year.

by Doanh Doanh

Vietnam’s exports should outperform the rest of Southeast Asia this year even as the downturn in regional shipments is likely to bottom out, Singapore’s Business Time quoted Maybank Kim Eng economists as saying.

Economists Linda Liu and Chua Hak Bin said in a recent report that the “growth outlook remains positive”, with year-on-year growth estimated to ease to 6.6 per cent in 2020 and 2021, down from an estimated 7 per cent in 2019.

“Manufacturing and exports are likely to improve as sustained manufacturing (FDI) translates into actual output while regional growth recovery reignites demand,” they added.

According to the latest report from the General Statistics Office, total export and import turnover of goods in 2019 was estimated at $516.96 billion, with export turnover being $263.45 billion, a rise of 8.1 per cent over 2018, of which the domestic economic sector saw high growth of 17.7 per cent, higher than growth in the FDI sector, of 4.2 per cent. Vietnam posted a trade surplus of an estimated $9.9 billion.

Export turnover in December was estimated at $21.8 billion, down 4.4 per cent compared to November. In the fourth quarter of 2019, export turnover was $68.8 billion, an increase of 7.2 per cent over the same period of 2018 but down 4.6 per cent against the third quarter.

Nine items recorded export value of more than $1 billion in the fourth quarter, accounting for 72.4 per cent of the total.

Thirty-two items posted export turnover of more than $1 billion for the year as a whole, accounting for 92.9 per cent of the total. Six recorded turnover of over $10 billion, or 63.4 per cent.

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