VIETNAM’S EXPORTS GROW 4.3% IN MAY

Vietnam’s exports in May continued to improve, with a 4.3% increase versus April to US$29 billion, according to an official at the Ministry of Industry and Trade.

During the first five months of the year, exports generated US$136.2 billion. Manufactured products accounted for over 88% of the total value, with electronics regaining momentum.

In May, farm exports doubled compared to the previous month at US$500 million. Coffee exports alone surged 28.5% to US$418 million.

The implementation of free trade agreements, such as the European Union-Vietnam Free Trade Agreement and the UK-Vietnam Free Trade Agreement, has facilitated Vietnamese rice exports to the EU.

Statistics show that Vietnam’s rice shipments between January and May soared 40.8% in volume and 49% in value compared to the previous year, at 3.9 million tons and over US$2 billion.

The United States was Vietnam’s largest export market during this period, with revenue totaling an estimated US$37.2 billion.

A trade surplus of nearly US$10 billion in the first five months of the year is believed to give momentum to the export sector, and contribute to stabilizing the currency market, said Tran Thanh Hai, deputy head of the Import-Export Department at the Ministry of Industry and Trade.

Source: The Saigon Times