Friday , July 19 2024

Trade to surpass $730B for first time

Vietnam’s trade is expected to reach US$732 billion this year, the highest ever, increasing 10% against last year, the Ministry of Industry and Trade said.

Exports are estimated at $371.5 billion, up 10.5% against 2021, and imports at $360.5 billion, up 8.5%, resulting in a trade surplus of $11 billion, the ministry announced at a foreign trade review meeting Monday.

The country has gained a trade surplus for seven straight years.

Among exports, there 39 items accounted for a turnover of over $1 billion, compared to 35 items against last year. Nine items recorded a turnover of over $10 billion.

Processed and industrial products accounted for more than 86% of total export turnovers.

Vietnam exported less raw products, while shipping more processed and industrial goods, creating favorable conditions for local products to penetrate more deeply into global production and supply chains, said Deputy Minister of Industry and Trade Tran Quoc Khanh.

Some 74% of the total export turnovers in Vietnam came from foreign-invested enterprises. Exports from domestic enterprises, especially small- and medium-sized ones, remained modest.

Vietnam has targeted a rise of some 6% in foreign trade as well as a trade surplus in 2023, he said.

Deputy Minister of Foreign Affairs Nguyen Minh Vu said that in 2023 many economies around the world experience high inflation, and the world economy would likel have a technical recession, leading to a decrease in global purchasing power. Meanwhile, trading partners will be more demanding, and may adjust regulations related to carbon emissions reductions, and tighten import requirements.

In 2021, the World Trade Organization had ranked Vietnam 23rd in terms of exports and 20th in imports. In the 10-member ASEAN, Vietnam ranked second behind only Singapore.

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