Import-export turnover surpasses US$400 billion mark

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Vietnam’s total import-export value topped US$403 billion as of July 15, with a trade deficit of around US$1 billion.

According to the General Department of Customs, in the period, the country earned US$201 billion from exports, while spending US$202 billion on buying goods from abroad.

The trade turnover in 2022 is forecast to exceed US$700 billion, of which exports will approach the US$400 billion mark.

The Ministry of Industry and Trade said that, in order to achieve the export growth target of 8% this year and maintain the trade surplus of the previous years, the ministry is stepping up support for businesses in market information and export promotion by taking advantage of commitments in signed free trade agreements (FTAs) and through joining global value chains to find new markets; and at the same time encouraging them to create new products.

It has also guided localities to build and develop brands for strong products, and well handle the issue of traceability to ensure the quality of goods to meet export standards of other countries.

For more information, please contact Vietnam Trade Office in Singapore at [email protected]