Vietnam’s export growth to ASEAN falls sharply
Vietnam’s exports to its ASEAN partners have fallen despite a free trade agreement inked in 2010. According to the Vietnam Customs’ statistics, the growth rate of Vietnam’s exports to ASEAN increased from 18.9 per cent when the Trade in Goods Agreement took effect to 32.8 per cent in 2011. But the rate then fell to 25.4 per cent in 2012 and plummeted to 4.4 per cent in 2013.
Over the first three months of 2014, the turnover on Vietnam’s ASEAN exports exceeded $4.5 billion, up 2.2 per cent year a year, the Saigon Times reported. During the same period, revenues from Vietnam’s three largest ASEAN export markets, namely Cambodia, Malaysia, and Thailand, decreased. The strongest decline was reported in Cambodia, which saw a 16.7 per cent year-on-year drop in trade.
Vietnam’s main export staples are rice, crude oil, machinery, computers, electronics and electronic components, of which rice and crude oil account for the lion’s share. This ratio has remained virtually unchanged, even after the free trade agreement took effect forcing ASEAN countries to reduce tariffs in 2010 to foster a free flow of goods within the community.
In a report released early this year, Vietnam’s Customs pointed out that while cell phones, computer and electronics exports hit $4.42 billion last year with a “quite impressive” year-on-year rise of 47.2 per cent, while rice fell 51.3 per cent and crude oil 14.4 per cent.
Vietnam mainly exports crude products to ASEAN countries, and its reserves have decreased. Furthermore, Vietnam is unable to expand its exports, as its businesses cannot compete with foreign rivals or simply aren’t interested in boosting their exports.
For instance, even though Cambodia is one of the country’s main markets and has imported various products like food and household products, Vietnamese exports remain limited to cross-border activities, the newspaper reported.
Vietnam’s exports to its ASEAN partners have fallen despite a free trade agreement inked in 2010. According to the Vietnam Customs’ statistics, the growth rate of Vietnam’s exports to ASEAN increased from 18.9 per cent when the Trade in Goods Agreement took effect to 32.8 per cent in 2011. But the rate then fell to 25.4 per cent in 2012 and plummeted to 4.4 per cent in 2013. Over the first three months of 2014, the turnover on Vietnam’s ASEAN exports exceeded $4.5 billion, up 2.2 per cent year a year, the Saigon Times reported. During the same period, revenues...
Vietnam’s exports to its ASEAN partners have fallen despite a free trade agreement inked in 2010. According to the Vietnam Customs’ statistics, the growth rate of Vietnam’s exports to ASEAN increased from 18.9 per cent when the Trade in Goods Agreement took effect to 32.8 per cent in 2011. But the rate then fell to 25.4 per cent in 2012 and plummeted to 4.4 per cent in 2013.
Over the first three months of 2014, the turnover on Vietnam’s ASEAN exports exceeded $4.5 billion, up 2.2 per cent year a year, the Saigon Times reported. During the same period, revenues from Vietnam’s three largest ASEAN export markets, namely Cambodia, Malaysia, and Thailand, decreased. The strongest decline was reported in Cambodia, which saw a 16.7 per cent year-on-year drop in trade.
Vietnam’s main export staples are rice, crude oil, machinery, computers, electronics and electronic components, of which rice and crude oil account for the lion’s share. This ratio has remained virtually unchanged, even after the free trade agreement took effect forcing ASEAN countries to reduce tariffs in 2010 to foster a free flow of goods within the community.
In a report released early this year, Vietnam’s Customs pointed out that while cell phones, computer and electronics exports hit $4.42 billion last year with a “quite impressive” year-on-year rise of 47.2 per cent, while rice fell 51.3 per cent and crude oil 14.4 per cent.
Vietnam mainly exports crude products to ASEAN countries, and its reserves have decreased. Furthermore, Vietnam is unable to expand its exports, as its businesses cannot compete with foreign rivals or simply aren’t interested in boosting their exports.
For instance, even though Cambodia is one of the country’s main markets and has imported various products like food and household products, Vietnamese exports remain limited to cross-border activities, the newspaper reported.
