Export turnover to reach $178 billion in 2016

Vietnam is likely to post the export turnover of US$178 billion and import turnover of $176 billion this year, reported Export Import Agency under the Ministry of Industry and Trade.

Workers at Nha Be Garment Company in HCMC (Photo: SGGP)

Among export farm produce, coffee and pepper have seen stable growth while vegetables and fruits enjoyed strong increase with this year’s forecast turnover of $2 billion.

However rice saw a reduction with the export volume of only 4.54 million tons equivalent to $2 billion in the first 11 months this year, down 25 percent in volume and 20 percent in value over the same period last year.

Experts have expressed concern about unsustainable export activity because its item structure has much depended on foreign direct investment sector.

Agricultural firms have been exporting raw materials instead of processed products while garment and textile and electronic businesses have mainly done outwork with low value.

By Che Han – Translated by Hai Mien

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