Vietnam enjoys record trade value
Fish processed for export at a plant of Sao Mai Group. Vietnam's trade value this year was estimated to touch US$500 billion. - VNA/VNS Photo Vu Sinh
This was a very impressive result in the context that many countries were seeing a slowdown in trade, reflecting the sustainable growth of international trade in the Vietnam’s economic structure, Minister of Industry and Trade Tran Tuan Anh said in an interview with congthuong.vn online newspaper.
Tuan Anh also said that with an average increase of 13 per cent per year in recent years, Vietnam was among the world’s top 30 countries in terms of trade growth.
Latest updates of Vietnam Customs showed that the country also posted a record trade surplus of nearly $11 billion in the January- November period, a record high.
The country had been running a trade surplus since 2016, far beyond the Government’s plan of reaching a trade balance in 2020.
He said that the Government’s efforts in improving the business climate created an impetus to increase the development of businesses, especially private firms, and attract foreign investment, which helped leverage the country’s production capacity and participate in the global production chain.
Firms also knew better how to grasp opportunities provided by free trade agreements (FTAs), he said, adding that in recent years, Vietnam negotiated and signed 16 FTAs, 12 of which have already come into force.
The ministry’s statistics showed that the trade revenue which used FTAs’ preferential certificate of origins accounted for 38 per cent of the country’s total export to FTA partner countries.
Besides advantages, there were challenges, Anh said. The trade disputes between big economies posed uncertainties to global trade.
The priority would be given to enhance the production and integration capacity of the economy, he said. Reforms would continue to be hastened following commitments to FTAs to create firms ground for the country’s growth, he added.
Deputy Minister of Industry and Trade Do Thang Hai said that close watch would be kept on the developments of the US – China trade war to raise measures to boost exports.
He said the prevention against trade fraud related to the origin of goods must also be enhanced, adding that improving product quality would also be important to meet requirements of the import markets.
In addition, forecasts and warnings on trade remedies applied to Vietnam’s export products would be a focus, he said.
Customs statistics showed that Vietnam exported goods worth $241.65 billion in January – November, while it imported $230.71 billion in the period.
The country’s trade revenue reached $480.17 billion in 2018.
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Latest News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
More News
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
Fisheries exports estimated at 1.85 billion USD in Q1
14:45 | 04/04/2023 Import-Export
Quang Ninh aims to attract quality FDI inflows
14:43 | 04/04/2023 Import-Export
Exports face many difficulties
13:29 | 04/04/2023 Import-Export
Manufacturing enterprises increase their competitiveness thanks to digital transformation
13:28 | 04/04/2023 Import-Export
32nd Việt Nam Expo promises to boost business linkages
14:19 | 03/04/2023 Import-Export
Prevention of price risks before news that Indonesia increases rice imports in reserve
09:52 | 03/04/2023 Import-Export
Japanese investors highly appreciate Vietnamese property market
17:41 | 02/04/2023 Import-Export
Seafood enterprises propose to remove obstacles from exporting to the EU
10:34 | 02/04/2023 Import-Export
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export