Vietnam trade performance shows encouraging signs in early 2022
The domestic sector has been a key contribution to the country’s trade surplus of $1.39 billion during the first month of the year.
Vietnam’s trade performance in early 2022 has been showing positive signs with a total turnover of US$58.5 billion, representing an increase of 6.3% year-on-year.
Seafood has been among Vietnam's key export staples. Photo: Viet Dung |
Upon breaking down, Vietnam exported goods worth $30.8 billion during the first month, up 8.1% year-on-year, and imports of $29.4 billion, or an increase of 11.3%. This led to a trade surplus of $1.39 billion.
A highlight from the result was the contribution of the domestic sector by posting an export growth of 26.8% year-on-year, significantly higher than that of the foreign-invested sector (2.4%) and the national average (8.1%).
“This shows that local firms have been able to take advantage of preferential treatment under free trade agreements that Vietnam is a part of,” stated the General Department of Vietnam Customs (GDVC) in a report.
Among Vietnam’s 45 key export staples, 38 witnessed an increase in revenue against the same period of last year, including those with a margin of over $100 million, including seafood, fertilizer, chemicals, leather products, garment, steel, computers, electronics, phones or machinery.
In addition, 38 out of 63 provinces/cities of Vietnam posted an export turnover of over $100 million, eight of which surpassed the $1 billion mark including Ho Chi Minh City, Bac Ninh, Binh Duong, Thai Nguyen, Dong Nai, Haiphong, Bac Giang, and Hanoi.
According to the GDVC, the positive trade performance came from the high demands of destination markets, with 54 out of 80 major trading partners of Vietnam posting a higher year-on-year import growth.
Deputy Director of the Ministry of Industry and Trade’s Import and Export Department Tran Thanh Hai noted the presence of multiple FTAs are proving to be a pulling factor for Vietnam to further attract investment capital for higher production capacity, and eventually export turnover.
Hai, however, warned local firms to be cautious about international transactions.
“The utilization of FTAs amid growing protectionism would put pressure on Vietnamese firms to understand technical barriers from destination markets for sustainable trade performance,” he said.
Last year, Vietnam trade turnover reached an all-time high of $668.55 billion amid the severe Covid-19 impacts, representing a staggering increase of over $100 billion from the previous record of $545 billion in 2020.
The Government targets exports to further expand by 6-8% in 2022 along with a positive trade balance, which helps ensure Vietnam’s GDP growth would rebound to 6-6.5% this year.
Other News
- Accelerating legislation to aid real estate market
- PM orders to suspend gold stores failing to comply with e-invoicing rules
- Digitalization boosts Vietnam’s trade
- Vietnam’s commodity market remains attractive investment channels: Expert
- Hanoi remains in the top 10 national exporters
- Deputy PM orders gold market inspected this week
- Gov’t seeks to defer US$160 million owed by Vietnam Airlines
- Vietnam to step up effort against gold smuggling
- Food hygiene model in Hoan Kiem enhances Hanoi's appeal
- Vietnamese Gov’t approves purchase of Laos wind power
Trending
-
Vietnam celebrates Ho Chi Minh’s birthday
-
Vietnam news in brief - May 19
-
Satisfaction for two, disappointment for many others
-
Vietnamese enterprises anticipate ASEAN common visa policy
-
Hanoi's 70th liberation anniversary literary and art contest launched
-
Japanese duo of illusionists to wow audiences in Vietnam
-
Walking tour to experience public arts in the heart of Hanoi
-
Propaganda poster contests launched for Hanoi’s 70th liberation anniversary
-
Bas-reliefs on Hue's nine dynastic urns listed as UNESCO heritage