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./.