Imports

Free trade agreements like CPTPP and EVFTA are driving Vietnam’s trading performance during a difficult economic year.

Vietnam’s export turnover may expand by 10% this year, exceeding the original target of 4-5% set by the Government.

Vietnam is in a favorable condition to take advantage of free trade agreements (FTA) that the country is a part of, as well as growing global demand in the late-year shopping season.

Vietnam’s trade outlook for the remainder of the year is projected to have intertwined challenges and opportunities, with the country’s efforts to contain the pandemic the most important factor.

Tightening imports of goods that Vietnam has abundant supplies is the right move, especially when the pandemic is wreaking havoc on the economy.

Potential disruption of supply chains as a result of the pandemic is making it hard for local enterprises to fulfill their contractual obligation to partners.

The EU is one of Vietnam's most important and stable trading partners.

For the first six months of 2021, Vietnam-EU trade turnover rose by 18.4% year-on-year to US$27.67 billion.

Vietnam’s agricultural exports surged 27.8% year-on-year to US$21.4 billion in the first six months, or 13.7% of the country’s total export turnover.

Recovery in global consumer demand, market reopening in the US and Europe would be an opportunity for Vietnam to boost exports in the final half of 2021.