HCMC – Vietnamese enterprises, especially those in the export processing industry, are suffering from the impact of the ongoing Covid-19 pandemic worldwide, stated a recent survey conducted by the Ministry of Planning and Investment and announced by the Ministry of Industry and Trade.
Among the nearly 130,000 companies approached by the ministry last month, 57.7% said their export market was shrinking rapidly and 47.2% said they could not ship their goods overseas. The pandemic has also reduced Vietnam’s export-import activities since the beginning of the second quarter, especially those with important trade partners such as the European Union, the United States, Japan and the ASEAN.
According to the Tuoi Tre Online website, the nation’s export-import revenue reached US$37.9 billion in May, up 5% compared with the previous month but down 15.7% over the same period last year. Between January and May, the figure was pegged at US$196.8 billion, a 2.8% year-on-year decline.
The three main categories of farm-aquatic products, fuel-mineral and processed goods slumped compared with last year, although they improved slightly against the previous month. The fuel-mineral group saw the steepest decline at 60.6% year-on-year.
The United States remained the top market for Vietnamese products, with turnover reaching US$24.6 billion in five months, up 8.2% year-on-year, followed by China with US$16.3 billion, up 20.1%. Other key markets such as South Korea, Japan, ASEAN and the EU yielded between US$7.7 billion and US$12.9 billion each.
To address these challenges, the Ministry of Industry and Trade will review and recalculate the export-import growth scenario for 2020. It plans to focus on goods with strong export advantages and markets that have signed free trade deals with Vietnam.