Trade turnover this year could be well over US$667 billion, representing an increase of 22.4% year-on-year, which resulted in a surplus of $3 billion.
Vietnam’s exports in 2021 are estimated at US$335.23 billion, representing a sharp rise of 18.6% year-on-year and surpassing the Government’s target of 4-5% for this year.
Cargo handling at Haiphong port. Photo: Cong Hung |
In December, the export turnover could reach $33.5 billion, up 5.1% month-on-month and 21.1% year-on-year, while imports also are expected to go up by 4.5% against the previous month to $32 billion, resulting in a trade surplus of $1.5 billion in December.
In 2021, Vietnam’s imports are expected to hit $332.27 billion, up 28% year-on-year. This would put the total surplus in the year to $3 billion and trade turnover of $667.5 billion, or an increase of 22.4% year on year.
A report from the Ministry of Industry and Trade (MoIT) suggested these are huge achievements of Vietnamese enterprises given the severe impacts of the Covid-19 pandemic on the economy.
“The fourth outbreak, in particular, had directly hit production hubs in both the North and the South,” it added.
The strong export growth, nevertheless, proved the speedy recovery of businesses, especially in key fields of garment and footwear, in which companies have been able to complete contract orders on time.
Another key factor pointed out by the MoIT is the effective utilization of free trade agreements that Vietnam is a part of.
According to the MoIT, Vietnam’s exports to Canada and Mexico that are having a shared FTA with Vietnam in CPTPP continue to maintain double-digit export growth.
Other markets such as the EU, UK, and Peru also posted strong growth during the year.
The ministry singled out the EVFTA as a major boost for Vietnam’s exports that help the country diversify trade partners. In this regard, the country’s key export staples of footwear, garment, or farm produce are able to take advantage of preferential treatment provided in the EVFTA right after the deal kicked off.
Other News
- Vietnam among Asia-Pacific's fastest growing economies: FedEx
- Vietnam’s stock market remains attractive investment channel: Expert
- Cuba appreciates Vietnam’s support in food and fisheries production
- Vietnam, China to step up cooperation strategy for mutual development
- PM orders urgent measures to address volatile gold prices
- Vietnam earns US$1.4 billion from rice exports in Q1
- Russia’s Zarubezhneft Group explores opportunity for offshore wind projects in Vietnam
- Vietnam poised to reap rewards of rebound in global demand: AMRO
- India, Vietnam seek strong development objectives: Ambassador
- Vietnam’s economy set for speedy recovery in latter half of 2024
Trending
-
Upcoming holiday in Hanoi: Sightseeing from central city to outskirts
-
Vietnam news in brief - April 24
-
Vietnamese contemporary ballet celebrates Europe Day
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area
-
It happened as it had to happen