12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam’s trade turnover projected to reach record high of US$600 billion in 2021
Hai Yen 16:09, 2021/10/23
Vietnam’s export turnover may expand by 10% this year, exceeding the original target of 4-5% set by the Government.

With trade turnover as of mid-October surpassing over US$510 billion, the Ministry of Industry and Trade (MoIT) expected the figure to reach an all-time high of $600 billion by the end of this year.

 Cargo handling at Haiphong Port. Photo: Cong Hung


“The actual result, however, would depend on Vietnam’s efforts to contain the pandemic,” said the MoIT.

In the first half of October, the country’s trade revenue was estimated at over $26 billion, of which exports amounted to $13.16 billion, and imports of $13 billion. Of the total, four goods categories recorded an export turnover of over $1 billion were smartphones, computers, and electronic products, machinery and equipment, and garment.

Overall, Vietnam recorded a trade turnover of $254 billion as of the present and imports of $256.45 billion, resulting in a trade deficit of $2.45 billion.

For the remainder of the year, the MoIT said it would continue to provide support measures for local traders to boost exports and gradually narrow the trade deficit.

“A combination of Covid-19 restriction measures and efforts to address difficulties in movements of goods is essential,” added the agency.

During the monthly press conference held late September, Vice Minister of Industry and Trade Do Thang Hai said effective utilization of free trade agreements (FTAs) that Vietnam is a part of would be the key solution to raise export turnover, especially the next general trade such as the CPTPP, EVFTA or RCEP.

“Vietnam’s export turnover may expand by 10% this year, exceeding the original target of 4-5% set by the Government,” Hai said.

Assuming no major Covid-19 outbreaks from now until the end of this year, the MoIT expects businesses in Vietnam’s main manufacturing hubs in the southern region to accelerate production and soon balance the trading account, or even earn a trade surplus in case of favorable conditions emerge.

A number of major export projects have been completed recently and backs up the MoIT’s assessment for a positive trade outlook for the end of the year. For example, the LG Display Vietnam in Haiphong has been injected by an addition of $1.4 billion, taking the total capital committed to $4.65 billion. The move is set to raise LG’s export turnover by $6.5 billion per year.
TAG: Vietnam trade turnover covid-19 exports imports EVFTA CPTPP RCEP
Other news
16:44, 2023/44/27
Over 85% of major Vietnamese companies are committed to ESG standards
Vietnamese companies prioritize environmentally friendly and sustainable practices as part of their efforts to ensure long-term growth.
21:00, 2023/00/22
Vietnam continues to push for stronger ties with US: PM
Vietnam considers the US as one of its most important partners and welcomes the US to support a strong, independent, and prosperous Vietnam.
20:20, 2023/20/17
Hanoi promotes public awareness of consumer rights
It is critical that consumers take an active role in researching, analyzing, and improving their knowledge of products and businesses to avoid falling victim to deceptive goods and fraudulent businesses.
14:45, 2023/45/15
Vietnam’s exports – in search for the magic growth catalyst
Vietnam's exports peaked in 2020, accounting for 82% of the country's total GDP.
22:02, 2023/02/03
Taiwanese firm eyes Hanoi as a key investment destination
INVENTEC’s investment project in Hanoi is anticipated to be fully operational in the second quarter of 2024, creating around 20,000 to 25,000 permanent jobs.
14:40, 2023/40/23
Vietnam wants to restore international travel with China: PM Chinh
Chinese arrivals to Vietnam reached 5.8 million in 2019, accounting for one-third of the total.