Vietnam on track to achieve 600 billion USD in foreign trade: MoIT
Illustrative image. (Photo: VNA)
The goal of 600 billion USD in foreign trade is likely to be realised by the end of the year because by October 15, the national import-export turnover had exceeded 510 billion USD, according to Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT).
The country’s import-export turnover hit more than 26 billion USD in the first half of October, including 13.16 billion USD from exports.
Four groups of commodities with an export turnover of 1 billion USD upwards were phones and components; computers, electronic products and components; machinery and equipment; and garments.
Vietnam earned 254 billion USD from exports and spent 256.45 billion USD on imports, resulting in a trade deficit of 2.45 billion USD by October 15.
According to the MoIT, the monthly trade balance has gradually shifted to a trade deficit since the beginning of the second quarter, and this trend is showing signs of decreasing, with just 100 million USD worth of trade deficit recorded in August.
With the current trade growth rate, the import-export turnover for the whole year is expected to exceed 600 billion USD, it said.
The trade balance will heavily depend on the results of the ongoing fight against the COVID-19 pandemic, the MoIT said, adding that it would continue to implement a range of solutions to support businesses and promote exports.
The MoIT said quickly resuming production and boost exports are the most important solution to reduce the trade deficit and move towards a trade surplus in the near future.
Ministries, sectors and localities should focus on measures to keep the pandemic under control as well as remove difficulties for production and circulation of goods, it said./.
Related News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
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
Latest News
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
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
More News
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
Need to effectively use tools to prevent exchange rate risks in import and export field
10:32 | 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