WHICH FACTORS AFFECT TO THE SURPLUS IN THE TRADE OF VIETNAM IN THE FIRST 10 MONTHS?
WHICH FACTORS AFFECT TO THE SURPLUS IN THE TRADE OF VIETNAM IN THE FIRST 10 MONTHS?
During the difficult time of war between Russia and Ukraine and economic recession across the EU and some parts of the world, in Oct, Vietnam’s trade gets nearly 2.27 billion USD record with 2 digits of development in import and export from statistics of the Ministry of Industry and Trade recently. In 10 months, the surplus is nearly 9.4 billion USD (while 0.63 billion deficit same period last year).
In 10 months, the total export goods reached over 312.82 billion USD with the main components from rice export (over 6.07 million tons worth 2.94 billion USD). While imports reached about 303.42 billion USD.
The records were made thanks to the great efforts of each individual entrepreneur, then the efforts of Vietnam government agencies. These have utilized the results of FTAs like CP-TPP and EVFTA. Vietnam products have enjoyed the favor of these FTAs while other ASEAN countries have similar products but no FTAs, especially in Canada, and Mexico markets. Manufacturers have caught up with market demands, and regulations to be more competitive in these markets.
In the coming months, the Ministry of Industry and Trade will continue to promote exports, strengthen appropriate import management, ensure a harmonious and sustainable trade balance; To step up the exploitation of signed FTAs; At the same time, promote well the role of the system of overseas Vietnamese trade agencies to expand and diversify export markets and products; Promote trade facilitation, support market information; remove barriers to entering new markets; Early warning of the risk of trade defense lawsuits for businesses.
We strongly believe that Vietnam’s import and export will make more progress in the coming months with governmental agencies, trades, and the last but not least shipping/logistics providers like Voltrans Logistics.
By Thomas
Voltrans Logistics – Your Ware Our Care