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Tuesday, July 16, 2024

Import-export value predicted to grow next year

The Saigon Times

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HCMC – Imports and exports are expected to become a bright spot and an economic driver despite anticipated challenges and hardships next year.

Economists expected the global market to regain momentum in 2023 after a year of tight spending. That, coupled with an impressive import-export turnover of around US$780 billion this year, would boost import-export growth next year.

According to the Vietnam Textile and Apparel Association, Vietnam’s textile and apparel products entered 66 countries and territories in 2022, bringing in US$42 billion. However, it forecast that the industry would do better next year thanks to tax deductions when shipping to the European Union market under the EU-Vietnam Free Trade Agreement.

E-commerce would optimize the benefits of free trade agreements, attracting more foreign direct investment in the country’s export industry and increasing product quality. These advantages could help Vietnam gain import-export revenues ranging from US$800-840 billion next year, the news site laodong.vn reported, quoting Assoc. Prof. Nguyen Thuong Lang, lecturer at the National Economics University.

The agro-forestry-fishery sector should earn a larger trade surplus next year thanks to a surge in demand from overseas markets, said Hoang Trung, director of the Plant Protection Department under the Ministry of Agriculture and Rural Development.

Trung added that several Vietnamese crops had received clearance to enter foreign markets such as China, Japan and New Zealand.

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