Vietnam’s trade turnover as of December 14 stood at US$698.5 billion and is set to surpass the $700-billion mark this year, a new milestone in the country’s global economic integration, according to the General Department of Vietnam Customs (GDVC).

Cargo handling at Dinh Vu port, Haiphong. Photo: Pham Hung/The Hanoi Times

The country previously hit the $500-billion and $600-billion thresholds in 2020 and 2021, noted the customs agency.

This showed a big leap in Vietnam’s trade performance over the past two decades, starting from a modest turnover of $30 billion in turnover in 2001, stated the GDVC.

Six years later, when Vietnam joined the World Trade Organization (WTO), the revenue rose to $100 billion and later doubled to $200 billion in just four-year time.

Statistics figures revealed the foreign-invested sector posted a trade revenue of $468.7 billion during the 11 months, representing an increase of 12.1% year on year and accounting for 66% of the country’s total.

The United States remained Vietnam's largest export market, with revenues of $101 billion between January and November, up 18% from last year. China, meanwhile, was Vietnam's largest supplier, with sales worth $109 billion, up 10%.

On November 30, Vietnam posted a trade surplus of over $10.6 billion.

In 2021, the World Trade Organization (WTO) ranked Vietnam among the world's top 23 economies in export revenue and 20th in imports. The country remained second behind Singapore's export and import revenues among ASEAN countries.

Hanoi’s exports set to expand by 10% in 2022

Hanoi’s exports in the first 11 months of 2022 rose by 11.4% year on year to $15.4 billion, in which the domestic sector shipments made up $8.2 billion, up 7.6%, and the foreign-invested sector,  $7.2 billion, up 16%.

Several key export staples posted higher revenue year on year, including textile and garment at $2.3 billion, up 18.1%; computers and parts ($2.2 billion, up 21.2%); equipment and machinery ($1.8 billion, up 2.9%).

In return, the city imported goods and services worth $37.3 billion, up 18.5% year on year.

This year, Hanoi is set to complete all 22 socio-economic development targets, including a GRDP growth target of 8.9% and export growth at over 10%.