Log in
Business

Vietnam's turnover to hit record high of US$700 billion in 2022

This showed a big leap in Vietnam’s trade performance over the past two decades, starting at a modest $30 billion in turnover in 2001.

Vietnam’s trade turnover as of December 14 stood at US$698.5 billion and is set to surpass the $700-billion mark this year, a new milestone in the country’s global economic integration, according to the General Department of Vietnam Customs (GDVC).

 Cargo handling at Dinh Vu port, Haiphong. Photo: Pham Hung/The Hanoi Times

The country previously hit the $500-billion and $600-billion thresholds in 2020 and 2021, noted the customs agency.

This showed a big leap in Vietnam’s trade performance over the past two decades, starting from a modest turnover of $30 billion in turnover in 2001, stated the GDVC.

Six years later, when Vietnam joined the World Trade Organization (WTO), the revenue rose to $100 billion and later doubled to $200 billion in just four-year time.

Statistics figures revealed the foreign-invested sector posted a trade revenue of $468.7 billion during the 11 months, representing an increase of 12.1% year on year and accounting for 66% of the country’s total.

The United States remained Vietnam's largest export market, with revenues of $101 billion between January and November, up 18% from last year. China, meanwhile, was Vietnam's largest supplier, with sales worth $109 billion, up 10%.

On November 30, Vietnam posted a trade surplus of over $10.6 billion.

In 2021, the World Trade Organization (WTO) ranked Vietnam among the world's top 23 economies in export revenue and 20th in imports. The country remained second behind Singapore's export and import revenues among ASEAN countries.

Hanoi’s exports set to expand by 10% in 2022

Hanoi’s exports in the first 11 months of 2022 rose by 11.4% year on year to $15.4 billion, in which the domestic sector shipments made up $8.2 billion, up 7.6%, and the foreign-invested sector,  $7.2 billion, up 16%.

Several key export staples posted higher revenue year on year, including textile and garment at $2.3 billion, up 18.1%; computers and parts ($2.2 billion, up 21.2%); equipment and machinery ($1.8 billion, up 2.9%).

In return, the city imported goods and services worth $37.3 billion, up 18.5% year on year.

This year, Hanoi is set to complete all 22 socio-economic development targets, including a GRDP growth target of 8.9% and export growth at over 10%.

Reactions:
Share:
Trending
Most Viewed
Related news
Hanoi pilots digital document exchange platform to support businesses

Hanoi pilots digital document exchange platform to support businesses

Once fully operational, the system could establish a comprehensive digital ecosystem linking the government and businesses.

CMC to build US$250 million green data center in Ho Chi Minh City

CMC to build US$250 million green data center in Ho Chi Minh City

Construction on the hyperscale data center is expected to begin in 2026.

Green logistics becomes a must for Vietnamese firms

Green logistics becomes a must for Vietnamese firms

Experts have called for greater policy dialogue, technology transfer and investment collaboration to enable Vietnamese logistics companies to implement green transformations effectively.

Coca-Cola inaugurates US$136 million green-certified plant in Vietnam

Coca-Cola inaugurates US$136 million green-certified plant in Vietnam

The new plant is the company’s largest of its three production facilities in Vietnam.

Vietnam pledges deeper reforms: Prime Minister

Vietnam pledges deeper reforms: Prime Minister

The government is transitioning from a passive management approach to an active service delivery model to optimize conditions for both citizens and enterprises.

Hoa Phat to build US$130-million industrial park in northern Vietnam

Hoa Phat to build US$130-million industrial park in northern Vietnam

The Hoang Dieu Industrial Park is poised to become a premier destination for domestic and international investors in northern Vietnam.

Vietnamese firms seek to export to South Korea

Vietnamese firms seek to export to South Korea

The goal of Vietnamese businesses aims to seek buyers and connect with strategic partners at the fair.

No eco-industrial parks certified in Vietnam

No eco-industrial parks certified in Vietnam

High costs, technological limitations, and a lack of regulatory policies prevent industrial parks from going green.