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Sunday, July 14, 2024

Foreign trade seen setting new record this year

The Saigon Times

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HCMC – With imports and exports rebounding strongly in the first quarter of 2022, Vietnam’s foreign trade value is forecast to soar to an all-time high of US$700 billion this year.

The country posted US$176 billion in import and export value in the first quarter, up 14.4% year-on-year, according to Tran Thanh Hai, deputy head of the Import-Export Department under the Ministry of Industry and Trade.

Many agricultural products reported an 18%-19% increase in exports, while coffee, rice and seafood exports soared 50%, showing positive signs in export and import operations, the local media reported.

Hai attributed the impressive results of the country’s imports and exports to the free trade agreements (FTA) which Vietnam had signed. These trade deals have made it easier for local companies to reach more customers and export markets.

The FTAs include the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the European Union-Vietnam Free Trade Agreement, the United Kingdom-Vietnam Free Trade Agreement, and the Regional Comprehensive Economic Partnership (RCEP).

The ministry has set a target of increasing exports in 2022 by 6%-8% against 2021 at some US$363 billion and maintaining a trade surplus.

Speaking of difficulties facing exporters and importers in the coming time, Hai said that the Covid pandemic was still a big challenge. Though the impact of the pandemic on Vietnam is declining owing to the country’s safe and flexible adaptation to Covid and economic recovery policy, the pandemic which is still hitting many countries such as China might affect local exporters and importers

Besides, the military conflict between Russia and Ukraine is a big concern. Despite Vietnam’s insignificant trade with Russia and Ukraine, these two foreign countries provide Vietnam with important materials such as wheat and fertilizers. The tension between the two countries will push up global prices.

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