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Viet Nam's foreign trade may record impressive achievement of US$700 bln by year’s end

VGP - Trade between Viet Nam and the rest of the world is estimated to hit a new record of US$700 billion by the end of this year, data of the General Department of Customs and the Ministry of Industry and Trade showed.

Posts Thuy Dung

December 10, 2022 9:00 PM GMT+7
Viet Nam's foreign trade to record impressive achievement of US$700 bln by year’s end - Ảnh 1.

The nation's trade surplus is expected to exceed US$10 billion this year.

According to the rankings of the World Trade Organization (WTO), Viet Nam has been named among the 30 leading export-import economies for recent years.

Since 2019, the nation has surpassed Thailand and Malaysia to become the second largest export-import economy among ASEAN Member States, only behind Singapore.

In 2021, despite being heavily affected by the COVID-19 pandemic, Viet Nam's trade value still set a record of US$668.55 billion.

Viet Nam earned nearly US$336.25 billion from exports in 2021, up 19 percent from the previous year, ranking 23th globally, while imports reached US$332.2 billion, up 26.5 percent, ranking 20th in the world.  

Last year, the country maintained a trade surplus for the sixth consecutive year, with a value of over US$4 billion, mainly with developed, demanding markets like the U.S. (with a trade surplus of about US$80.1 billion) and Europe (close to US$23.2 billion).

Over the first 11 months of 2022, the total exports and imports obtained approximately US$674 billion, up by 11.8 percent over the same period last year and higher than the figure recorded for the whole year of 2021.

Of the figure, the total exports were estimated at US$342.21 billion, up by 13.4 percent; and the imports were estimated at US$331.61 billion, up by 10.1 percent, resulting in the trade surplus of US$10.6 billion.