Trade edging closer to annual target

Despite being heavily affected by Covid-19, Vietnam’s import and export turnover in 2021 is forecast to exceed $660 billion, taking the country into the top 20 economies in international trade, according to the Ministry of Industry and Trade (MoIT).

The latest preliminary figures from the General Department of Vietnam Customs show that total import-export value from December 1 to 15 reached $31.32 billion, down 4.3 per cent compared to the second half of November.

This did, however, bring the annual figure as of December 15 to $633.22 billion, up 22.9 per cent and $117.89 billion in absolute terms year-on-year.

To achieve the $660 billion target for the year as a whole, the MoIT is focusing on solutions to strengthen and expand export markets, with a focus on the implementation of free trade agreements such as the CPTPP, the EUVFTA, and the UKVFTA to effectively promote the incentives contained within and make the most of the opportunities while limiting the challenges also posed within.

At the same time, the MoIT will promote export activities and expand export markets. It will closely monitor the situation in each market to review and identify the types of goods being imported to exploit and promote exports.

Along with continuing to innovate, organizing trade promotion programs, connecting supply and demand both at home and abroad online, and using new platforms, the ministry will also push the simplifying of administrative procedures. In particular, it will focus on implementing administrative procedures on trade under the ASEAN Single Window mechanism to create favorable conditions for associations and businesses to participate in trade activities.