Vietnam on track to achieve 600 billion USD in foreign trade: MoIT
Illustrative image. (Photo: VNA)
The goal of 600 billion USD in foreign trade is likely to be realised by the end of the year because by October 15, the national import-export turnover had exceeded 510 billion USD, according to Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT).
The country’s import-export turnover hit more than 26 billion USD in the first half of October, including 13.16 billion USD from exports.
Four groups of commodities with an export turnover of 1 billion USD upwards were phones and components; computers, electronic products and components; machinery and equipment; and garments.
Vietnam earned 254 billion USD from exports and spent 256.45 billion USD on imports, resulting in a trade deficit of 2.45 billion USD by October 15.
According to the MoIT, the monthly trade balance has gradually shifted to a trade deficit since the beginning of the second quarter, and this trend is showing signs of decreasing, with just 100 million USD worth of trade deficit recorded in August.
With the current trade growth rate, the import-export turnover for the whole year is expected to exceed 600 billion USD, it said.
The trade balance will heavily depend on the results of the ongoing fight against the COVID-19 pandemic, the MoIT said, adding that it would continue to implement a range of solutions to support businesses and promote exports.
The MoIT said quickly resuming production and boost exports are the most important solution to reduce the trade deficit and move towards a trade surplus in the near future.
Ministries, sectors and localities should focus on measures to keep the pandemic under control as well as remove difficulties for production and circulation of goods, it said./.
Related News
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
Preliminary assessment of Vietnam international merchandise trade performance in the first 2 months of 2024
11:44 | 06/04/2024 Customs Statistics
Preliminary assessment of Vietnam international merchandise trade performance in the second half of January, 2024
11:43 | 06/04/2024 Customs Statistics
Latest News
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Localities get ready for fourth FDI boom
15:35 | 19/04/2024 Import-Export
Opportunities to develop a smart and sustainable packaging industry
14:14 | 19/04/2024 Import-Export
Domestic retailers eye export-quality products
17:37 | 18/04/2024 Import-Export
More News
Textile and garment exports recovered positively
10:26 | 18/04/2024 Import-Export
Launch of FDI Annual Report 2023
16:25 | 17/04/2024 Import-Export
Vietnam has opportunities to attract, develop the offshoring market
16:11 | 17/04/2024 Import-Export
Nearly 600 million USD disbursed in support of agroforestry, aquatic sectors
16:09 | 17/04/2024 Import-Export
Be proactive and flexible with production materials
09:02 | 17/04/2024 Import-Export
Cooperate to build leading and "rich in vitality" state-owned enterprises
08:59 | 17/04/2024 Import-Export
Garment & textile sector tries to keep growth momentum
14:16 | 16/04/2024 Import-Export
Businesses capitalize on recovery momentum to explore market expansion
10:01 | 16/04/2024 Import-Export
Access to the Chinese market is increasingly convenient
15:12 | 15/04/2024 Import-Export
Your care
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Localities get ready for fourth FDI boom
15:35 | 19/04/2024 Import-Export
Opportunities to develop a smart and sustainable packaging industry
14:14 | 19/04/2024 Import-Export
Domestic retailers eye export-quality products
17:37 | 18/04/2024 Import-Export
Textile and garment exports recovered positively
10:26 | 18/04/2024 Import-Export