Vietnam’s total import-export revenue hit 700 billion USD so far this year, exceeding last year’s record of 600 billion USD, the data showed.
According to Vietnam’s General Statistics Office (GSO), the country continues to enjoy a trade surplus that has maintained since 2012 (except for 2015 when the country suffered a deficit of 3.55 billion USD).
In the first 11 months of this year, Vietnam posted a trade surplus of 10.68 billion USD, of which the foreign-invested sector earned 468.7 billion USD, up 12.1% year on year, the Vietnam News Agency reported.
Over the years, the US has been the largest export market of Vietnam, while China is the largest import market, according to the GSO.
Related: Here’s how to set-up an import-export company in Vietnam as a foreign investor
At the end of November, Vietnam exported 101 billion USD worth of goods to the US, a year on year rise of 17.7%. Meanwhile, it imported 109.46 billion USD worth of products from China, up 10%.
Experts attributed the results to the effective implementation of institutional and administrative reform which has created a fair, smooth and transparent business environment and offered a favourable conditions for the business community.
Data from the World Trade Organisation showed that in 2006, the Vietnamese economy ranked 50th in the world in terms of export and 44th in import. The rankings rose to 26th and 23rd, respectively, in 2018. Since then, Vietnam has been among the world top 30 countries in the fields.
Among the ASEAN countries, Vietnam ranks the second in both imports and export, only after Singapore in 2021.
In the 2002-2021 period, Vietnam’s total import-export revenue reached 5.14 trillion USD, with 4.11 trillion USD recorded in 10 years from 2012 to 2021, the GSO reported.
Related
Source: Vietnam Insider