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Home / Economy / Trade - Service
Leveraging trade facilitation for export growth
Nguyen Tung 16:42, 2018/03/23
Positive results have been achieved in Vietnam`s trade balance with over 200 partners in 2017, according to the recent released 2017 trade report of Ministry of Industry & Trade (MoIT).
Following the report, 28 export markets and 23 import markets recorded trade turnover passing the US$1-billion mark, bringing Vietnam's total trade turnover exceed US$425 billion, up 21% compared to 2016's figure. 
 
Illustration photo.
Illustration photo.
Adding up to the high turnover was the all-time high trade surplus recorded at US$2.92 billion. 

Vietnam's trade turnover with Asian countries reached US$283.6 billion, increasing 25.97% yearly, in which export is reported at US$112.78 billion and import of US$170.8 billion, up 32% and 22.3% year on year. 

In this region, the Northeast Asian market accounted for the largest share of over 75%, followed by ASEAN (17.5%). West Asia and South Asia remained low at 4% and 3.3%, respectively. 

In 2017, Vietnam has exported goods worth US$35.46 billion to China, up 61.49% and imported goods in value of US$58.22 billion, up 16.41% over the last year's period, resulting in a significant reduction in trade deficit with China. 

In European market, according to the MoIT, Vietnam's trade turnover with Europe has grown at high rate of 12.6%, equivalent to US$55.5 billion, in which export of US$41.1 billion (up 12.6% yearly) and import of US$14.3 billion (up 10%). 

In the American market, Vietnam's trade relation with 35 countries in the region have witnessed strong growth with trade turnover of US$65.84 billion, up 6.9% yearly. 

Vietnam's trade turnover with Oceania market continued at moderate level of US$7.4 billion, or 22.7% growth rate, while trade relation with African market remain a work in progress, the report stressed.

The impressive growth rate in trade relation between Vietnam and its trading partners in 2017, according to the report, were thanks to a series of measures to facilitate trade, such as administrative reform, improved business environment, removing business conditions, and the implementation of national single window. 

The MoIT's trade report assessed the efficient implementation of goods import and export strategy for the 2011 - 2020 period, with orientations toward 2030; national trade promotion programs; signing bilateral and multilateral trade agreements also contributed significantly to positive trade turnover in 2017.

Vietnam in 2017 has actively involved in agreements and commitments on free trade and investment; facilitating favorable environment for business and services; enhancing economic and technical cooperation. 
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