Friday , May 24 2024

Vietnam poised for record trade

Vietnam’s foreign trade is set to exceed US$700 billion this year, the highest ever, the customs department said.

It has risen steadily from $500 billion in 2020 and $600 billion last year.

In the first 11 months exports rose by 13.4% from a year earlier to $342.2 billion, and imports were up 10% to $331.6 billion, resulting in a surplus of $10.6 billion.

Exports to the U.S. alone, the largest export market, were worth $101.5 billion. Imports from China, the
country’s biggest source, topped $109.9 billion.

According to the General Department of Vietnam Customs, the country’s global import-export ranking
will go up this year.

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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