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Friday, September 30, 2022

Vietnam’s foreign trade nears US$500 billion in eight months

By Le Hoang

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HCMC – Despite the recent difficulties, Vietnam’s import-export value almost hit US$500 billion in the first eight months of the year and is expected to rise to US$800 billion by year-end.

The export value accounted for US$252.6 billion, up 18.2%, while the import bill was over US$247 billion, up 13.7% over the same period last year, according to statistics from the General Department of Vietnam Customs.

The country saw a trade surplus of nearly US$5.5 billion, compared to a trade deficit of US$2.63 billion in the same period last year.

With the outstanding figures above, many experts predict the total export-import turnover in all of 2022 will reach US$800 billion.

This is an impressive result of the constant efforts of businesses and the Government to overcome difficulties in trading activities.

Recently, Vietnamese enterprises have seen a reduction in orders from foreign partners due to runaway inflation and market volatility.

Meanwhile, Vietnam’s largest trading partner, China, has tightened import regulations to fight the Covid-19 pandemic.

However, exporters in Vietnam have changed their business directions and gained some remarkable achievements thanks to the free trade agreements to which Vietnam is a signatory.

According to the Ministry of Industry and Trade, the country has seen a steep increase in exports to members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) since the CPTPP took effect in January 2019.

Similarly, the EU-Vietnam Free Trade Agreement has created good growth momentum for the export sector. Vietnam’s exports to the EU reached around US$83 billion in the last two years, up nearly 15%.

The Ministry of Industry and Trade will cooperate with relevant departments and agencies to support enterprises in accelerating export activities, gaining information about market fluctuations and making the most of the signed free trade agreements.

The ministry will create favorable conditions for enterprises to complete their administrative procedures and ensure the supply of materials for manufacturing activities.

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