Granting preferential C/O increased sharply in the first half of 2022

VCN - In the first half of 2022, businesses made good use of FTAs, especially new-generation FTAs ​​such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU FTA (EVFTA) to promote exports.
Textile and garments are one of the typical industries that make good use of the FTA to boost exports in the first half of this year. Photo: Nguyễn Thanh
Textile and garments are one of the typical industries that make good use of the FTA to boost exports in the first half of this year. Photo: Nguyễn Thanh

According to the Ministry of Industry and Trade in the first six months of 2022, import and export turnover continued to increase with a total turnover of more than US$371.3 billion. In particular, export turnover of goods increased by 17.3% compared to the same period last year (increased by 29.2%), reaching more than US$186 billion. Exports of the domestic economic sector increased higher than the FDI sector, increasing by 19.5% (FDI sector, including crude oil, increased by 16.6%).

"This shows the efforts of domestic enterprises in restoring production and business and resuming the supply chain in difficult conditions," Mrs. Nguyen Thuy Hien, Deputy Director of the Planning Department (Ministry of Industry and Trade) said at a conference to review the work of the first six months of 2022 and implement the tasks in the last six months of 2022 of the Ministry of Industry and Trade on July 14.

From the perspective of the industry, Mrs. Hien analyzed that exports increased steadily in commodity groups, in which fuel and minerals increased the highest (growing by 52.5%), due to export prices of commodities (petroleum, crude oil and coal) increasing sharply.

Exports of agricultural products, aquatic products, and processing and manufacturing industries all increased by about 17%; focusing on products that Vietnam has strengths and well exploits the Free Trade Agreements (FTAs) such as textiles and garments, footwear, seafood, etc. Furthermore, groups of commodities take advantage of high prices to promote exports such as chemicals, plastic products and fertilizers.

The leader of the Planning Department said: “Businesses have made good use of FTAs, especially new-generation FTAs ​​such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EVFTA to promote exports".

In the first six months of 2022, the issuance of Certificate of Origin (C/O) from CPTPP reached US$1.32 billion, increasing by 22.1% over the same period last year; granting C/O from EUR.1 to the EU reached US$5.84 billion, an increase of 32.1% compared to the same period last year…

On the import side, the import turnover of goods in the first six months of the year reached US$185.3 billion, increasing by 15.5% over the same period last year and was basically controlled. The imports of goods for export production and essential goods accounted for 88.8%; imports of the group of goods that need to be controlled accounted for only 5.8%.

“The trade balance continued to maintain a trade surplus of US$743 million (the same period last year witnessed a trade deficit of US$1.86 billion), contributing positively to the balance of payments, stabilizing exchange rates and stabilizing of macroeconomics indicators of the economy," Mrs. Nguyen Thi Thuy Hien said.

In the second half of the year, it is forecasted that the economy will remain unpredictable. To strive to complete and exceed the targets assigned by the National Assembly and the Government in 2022, including: the index of industrial production (IIP) increasing by about 7-8%; export turnover increasing by about 8%, and maintaining a trade surplus., the Industry and Trade sector determined to focus on boosting exports and promoting production development.

Supporting businesses in market information, export promotion, taking advantage of commitments in signed FTAs ​​and through global value chains to find new markets and encouraging businesses to innovate to create new products.

Besides that, the Ministry of Industry and Trade will also focus on removing difficulties for businesses and localities; working and closely monitoring major projects, industries and a number of key areas to grasp the situation and handle and remove difficulties to boost production, especially raw materials, fuel and input materials, import, control imports and proactively supply domestic substitutes for imported sources.

"The ministry will also maximize resources, closely monitor the situation and have a plan to prepare for the scenarios in order to ensure sufficient supply of electricity, coal, petrol and fertilizer, etc. for production and daily life," Mrs. Hien said.

By Thanh Nguyễn/Thanh Thuy

Related News

Taking advantage of the large potential of the CPTPP market

Taking advantage of the large potential of the CPTPP market

VCN - Vietnamese enterprises can take advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and strategic gateways such as Canada, Mexico, Chile, and Peru to expand exports.
Taking advantage of FTAs ​​to promote exports of many products to Japan

Taking advantage of FTAs ​​to promote exports of many products to Japan

VCN - Vietnam and Japan are participating in 4 bilateral and multilateral free trade agreements, Vietnamese enterprises need to take advantage of this to increase exports.
Mexico: The leading market in the CPTPP bloc importing Vietnamese Tra fish

Mexico: The leading market in the CPTPP bloc importing Vietnamese Tra fish

VCN - According to statistics from General Department of Vietnam Customs, in the first half of July 2024, pangasius exports to Mexico reached more than US$4 million, an increase of 90% compared to the same period in 2023.
EVFTA strengthens Vietnam

EVFTA strengthens Vietnam's attractiveness to European investors

VCN - The Vietnam - EU Free Trade Agreement (EVFTA) has been in effect for four years (August 1, 2020). However, the level of benefits received from this new generation FTA is divided and different among businesses.

Latest News

Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.

More News

Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Lao Cai Customs sees a triple-digit surge in export-import turnover

Lao Cai Customs sees a triple-digit surge in export-import turnover

VCN - Updated from the beginning of the year to October 24, total import and export turnover through Lao Cai Customs Department increased by 102%.
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially fresh coconuts, is expanding with the appearance of international railway transportation from Song Than station.
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in production of plastics enterprises to meet increasing export demands.
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.
Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports are likely to achieve a record high of 62 billion USD in 2024, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
UKVFTA greatly benefits Vietnam-UK trade: Experts

UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.
Agricultural exports likely to exceed 60 billion USD amid challenges

Agricultural exports likely to exceed 60 billion USD amid challenges

With swift production recovery and continued growth, Vietnam's agricultural sector could potentially surpass the 60 billion USD export target, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam-Philippines trade likely to exceed 8 billion USD for first time

Vietnam-Philippines trade likely to exceed 8 billion USD for first time

With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
Read More

Your care

Latest Most read
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - In recent years, Israel has always been Vietnam's leading tuna export market after the US and the EU. Therefore, the recent escalation of Israel-Iran tensions is affecting Vietnam's tuna exports to this market.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countr
Mobile Version