To promote import-export growth, the Ministry of Industry and Trade is accelerating negotiations towards the signing of new trade agreements and commitments to diversify markets, products and supply chains.
Although much of the economy was impacted by the fourth wave of COVID-19 in 2021, Viet Nam’s imports and exports reached a record of nearly US$670 billion, an increase of almost 23 per cent from 2020.
Many businesses in the Southwest region have maintained production to ensure export growth, despite having to apply social distancing measures due to the COVID-19 outbreak
Despite a rise in export revenue in the first four months of this year, experts suggested that businesses should not be too optimistic as the COVID-19 pandemic has undergone complicated developments both in and outside the country.
Viet Nam is entering a level playing field in which efficient solutions to maintain economic development causes headaches for experts and business leaders.
Despite COVID-19 pandemic, Viet Nam achieved a high export growth value to China in the first quarter of this year, according to the General Department of Customs.
Viet Nam’s GDP growth projection, however, remain unchanged on a steady course to hit 5.8 per cent by the end of 2019 with forecast growth of 6.1 per cent and 6.2 per cent for 2020 and 2021.
Bình Dương and Đồng Nai provinces, which have the highest export growth rate and number of businesses in the wooden products sector, are poised to take advantage of the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Cooling export growth will impact Southeast Asia, pulling down the region’s economic growth to 4.8 per cent this year from 5.1 per cent in 2018, the Institute of Chartered Accountants in England and Wales has forecast.
Although Viet Nam’s balance of trade in the first eight months of the year stood at a surplus of US$2.8 billion, analysts warn about it returning to a deficit in the coming months.
Minister of State for Trade and Export Growth Damien O’Connor on Wednesday visited Vietnam Airlines’ headquarter in Ha Noi as part of his visit to Viet Nam from August 27-29.
The Netherlands has emerged as Viet Nam’s largest importer in the European Union (EU), with an annual export growth rate of 18-25 per cent in recent years.