Vietnam export revenue grows 24 per cent

Vietnam exports are generating an estimated 24-per-cent increase in revenues for 2010 and will reach 70.8 billion dollars, according to government data published Thursday.

The estimate surpassed by 16.5 per cent the projected 60.5 billion dollars in export value for the year, according to the Ministry of Industry and Trade (MIT).

“It is really an impressive figure,” Nguyen Quang A, former director of the Institute for Stable Development in Hanoi, said.

Export revenues have averaged 5.86 billion dollars a month in 2010, compared to the expected figure of 5.04 billion dollars, the MIT reported.

Much of the growth was represented by 44 billion dollars generated by the industrial and processing products group, MIT Deputy Minister Nguyen Thanh Bien said.

Foreign investments in Vietnam’s industry, Bien said, played a key role in exports such as textiles and garments, footwear, wood products, computer and accessories, machinery and components.

Economist Nguyen Quang A noted that some of the increase in export value resulted from higher prices, which outweighed the decline in quantities of exported fuel and mineral exports.

Exports are a driver of Vietnam’s economy, which has been expanding at roughly 7 per cent annually as the nation moves from central planning to a more market-based system. – DPA

Tags: Vietnam exports, Vietnam exports 2010, Vietnam trade