Vietnam’s target of $600 billion in foreign trade is likely to be met by the end of the year as the national import-export turnover had exceeded $510 billion by October 15.

According to the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT), the import-export turnover of the country hit 27.3 billion USD in October, including $13.16 billion from exports, bringing the figure in the first ten months of 2021 to 267.9 billion USD, up 16.6 percent against the same period last year, local media reported.

According to the General Statistics Office (GSO), in the period, there are 31 commodities with export turnover of over 1 billion USD, accounting for 92.4 percent of the total export value. Six commodities joined the 10-billion USD export club, with their combined export value accounting for 63 percent of the total.

Four groups of commodities with an export turnover of $1 billion upwards were garments; phones and components; computers, electronic products and components; and machinery and equipment, the MoIT reported.

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Vietnam earned $254 billion from exports and spent $256.45 billion on imports, resulting in a trade deficit of $2.45 billion by October 15, according to media reports from the country.

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 worth of trade deficit recorded in August.

Also read: How to set-up an import and export enterprise in Vietnam as foreign investors.

The trade balance will heavily depend on the results of the ongoing fight against the COVID-19 pandemic, said MoIT, which would continue to implement a range of solutions to support businesses and promote exports.

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, the MoIT added.

Source: Vietnam Insider


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