Sino US competition, Southeast Asian gains! Vietnam's exports will exceed $239 billion in 2018.

In the first nine months of 2018, Vietnam's total foreign trade imports and exports increased substantially, releasing a positive signal for the realization of the year-round trade surplus.

Analysts predict that the total import and export volume of foreign trade in 2018 is expected to reach 239 billion US dollars, an increase of 10-12% over the previous year.

Statistics from the Import and Export Bureau of the Ministry of Industry and Trade of Vietnam show that Vietnamese merchandise exports reached 178.91 billion US dollars in January-September, an increase of 15.4% over the same period last year. In the third quarter of 2018, exports amounted to US $64 billion 730 million, an increase of 13.9% over the same period last year.

Vietnam's domestic enterprises'exports amounted to US$510.7 billion, while foreign enterprises' exports amounted to US$127.84 billion, accounting for 71.5% of the total exports. In the first 9 months, Vietnam's merchandise exports increased by 14.2% over the same period last year.

In September, the total exports of 26 categories of commodities amounted to more than $1 billion, accounting for 90.3% of Vietnam's total exports, of which five categories of commodities accounted for more than $10 billion.

Exports of major export commodities, including mobile phones and their parts ($36.1 billion), textiles and apparel ($22.6 billion) and electronic products, computers and parts ($21.6 billion), increased significantly year on year.

According to the import and export bureau, the products produced by foreign-funded enterprises still account for the largest proportion of Vietnam's main export commodities. In addition, the export volume of agricultural and aquatic products in Vietnam also maintained a good growth trend in the first nine months, including aquatic products (6.9%), vegetables and fruits (15.2%) and rice (22.1%).

In the first nine months, although the average export price increased by 37.5%, Vietnam's oil export volume and export volume declined significantly. Specifically, Vietnam's oil exports amounted to only $1 billion 700 million, while exports and exports decreased by 24.6% and 45.2% respectively.

In the first 9 months, Vietnam's imports amounted to US $173 billion 520 million, an increase of 11.8% over the same period last year. In the third quarter of 2018, imports amounted to US $62 billion 700 million, an increase of 16%.

Among them, the import volume of Vietnam's domestic enterprises was 69 billion 340 million US dollars, and the foreign enterprises' imports amounted to US $104 billion 180 million. Imports in the first 9 months increased by 10.3% over the same period last year.

Trade experts said that in the first nine months, imports of 30 commodities exceeded US$1 billion, accounting for 87.5% of total imports. Among them, imports of three commodities exceeded US$10 billion, accounting for 38.5% of total imports.

In September, imports of some commodities were relatively high, including electronics, computers and spare parts, machinery and equipment, tools, telephones and spare parts, fabrics, steel, plastics, oil and gas products, etc.

In the first nine months of 2018, Vietnam achieved a trade surplus of US$5.39 billion, including a trade deficit of US$18.26 billion for domestic enterprises and a trade surplus of US$23.65 billion for foreign-funded enterprises (including crude oil).

In the first nine months, with the exception of Chile, Vietnam's exports to ASEAN, China, Japan, South Korea and Australia, which have signed free trade agreements with Vietnam, have soared.

Yang Weixing, Director of Planning Department of the Ministry of Industry and Trade of Vietnam, said that the Trans-Pacific Partnership Comprehensive Progress Agreement (CPTPP) and the Vietnam-EU Free Trade Agreement, which are expected to enter into force in 2019, are injecting new momentum into attracting foreign investment.

In addition, Vietnam's domestic investment will improve with investors'optimism, a convenient business environment, stable monetary policy, interest rate policy and exchange rate policy.