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Sunday, June 16, 2024

Vietnam records strong export growth

The Saigon Times

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HCMC – The country’s export revenue had amounted to US$700 billion in the year to mid-December, surpassing 2021’s record high of US$668.5 billion, according to the Ministry of Industry and Trade.

Between January and November, Vietnam’s foreign trade reached around US$674 billion, with a trade surplus totaling over US$10.7 billion.

During the period, the country exported US$342.2 billion, rising by 13.4% compared to the same period last year, and spent some US$331.5 billion on imports, up 10.1% year-on-year. 

Given the current pace, Vietnam is on track to set a new peak for export earnings of US$700 billion by mid-December. 

Still, the country is likely to face shrinking markets in key export partners, namely the U.S. and European Union members.

The Ministry of Industry and Trade plans to assist local businesses in expanding operations by diversifying their products and markets. 

Moreover, local businesses are encouraged to capture the advantages of free trade agreements inked by Vietnamese officials with high-potential trade partners.

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