Foreign trade likely to exceed US$600 billion this year

The Ministry of Industry and Trade (MoIT) has predicted Vietnam’s total import-export turnover is likely to expand by 10% this year to US$600 billion, beating the 4% growth target set previously by the Government.

Manufacturing mobile phones at a Samsung Vietnam production line

MoIT statistics show the country’s foreign trade hit more than US$26 billion in the first half of October, including US$13.16 billion from exports.

Four groups of commodities with an export turnover of US$1 billion or more each were phones and components, computers, electronic products and components, and garment.

Overall, the national total import-export turnover had reached more than US$510 billion from the beginning of the year until October 15. Of the total figure, Vietnam earned US$254 billion from exports and spent US$256.45 billion on imports, resulting in a trade deficit of US$2.45 billion.

The MoIT pointed out 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 US$100 million 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 US$600 billion, forecast the MoIT.

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

To gradually reduce the trade deficit, ministries, sectors and localities focus on measures to keep the pandemic in check, and at the same time remove difficulties for production and circulation of goods, suggested the MoIT.

The fourth quarter of the year is an important period of time when businesses enhance production capacity to meetthe yearly target. With the COVID-19 outbreak showing signs of abating, most of businesses have resumed production since the beginning of October. If businesses pick up steam again, Vietnam may enjoy a trade surplus this year, the MoIT forecast.

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