Trade surplus to hit 1 billion USD this year

Illustrative image (Source: VNA)

Vietnam’s export revenue in 2022 is expected to reach about 368 billion USD, a year-on-year rise of 9.46%, according to a report by the Ministry of Industry and Trade (MoIT).

The number would surpass the targets set by both the Government and the ministry, at around 8%.

Meanwhile, import value is estimated at 367 billion USD in the year, resulting in a trade surplus of some 1 billion USD, fulling the set target, the report says.

In the first half of this year, export-import value was over 371.3 billion USD, including more than 186 billion USD worth of exports, up 17.3% from the corresponding time last year.

The export of the domestic economic sector rose 19.5%, higher the 16.6% increase of the foreign direct investment (FDI) sector, including crude oil, which, the ministry said, reflects efforts by domestic firms in production and business recovery and supply chain resumption amid difficulties.

Notably, during the six-month period, 29 items reported their export turnover surpassing 1 billion USD, four items more than the same period last year, making up 91.2% of the total value.

The ministry said the enterprises have optimised free trade agreements (FTAs), especially new-generation ones, to boost exports.

Vietnam experienced export growth in the markets it has FTAs with, ranging from 12%-34%, said Tran Thanh Hai, deputy head of the MoIT’s Agency of Foreign Trade, adding that a growth rate of 30% was seen in such markets as Canada and Mexico.

The ministry said it will continue to keep a close watch on the COVID-19 situation, policy changes adopted by countries and major partners, and international trade to give consultations to the Government in the management work.

It will also pay more attention to the implementation of FTAs to help businesses optimise opportunities generated by the trade deals, step up trade promotion and further streamline administrative procedures./.