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Official Gazette

Tuesday, January 31, 2023

Vietnam's new import-export revenue record set

Updated: 09:15’ - 15/12/2022
Vietnam’s total import-export revenue hit USD 700 billion so far this year, exceeding last year’s record of USD 600 billion, reported the General Statistics Office (GSO).
 
The office said that the country continues to enjoy a trade surplus that has maintained since 2012 (except for 2015 when the country suffered a deficit of USD 3.55 billion).

Shrimp processing for export__Photo: VNA
 
 
In the first 11 months of this year, Vietnam posted a trade surplus of 10.68 billion USD, of which the foreign-invested sector earned USD 468.7 billion, up 12.1 percent year on year.
 
According to the GSO, over the years, the US has been the largest export market of Vietnam, while China is the largest import market.
 
At the end of November, Vietnam exported 101 billion USD worth of goods to the US, a year on year rise of 17.7 percent. Meanwhile, it imported 109.46 billion USD worth of products from China, up 10 percent.
 
Experts attributed the results to the effective implementation of institutional and administrative reform which has created a fair, smooth and transparent business environment and offered a favorable condition for the business community.
 
Data from the World Trade Organization showed that in 2006, the Vietnamese economy ranked 50th in the world in terms of export and 44th in import. The rankings rose to 26th and 23rd, respectively, in 2018. Since then, Vietnam has been among the world top 30 countries in the fields.
 
Among the ASEAN countries, Vietnam ranks the second in both imports and export, only after Singapore in 2021.
 
In the 2002-2021 period, Vietnam’s total import-export revenue reached USD 5.14 trillion, with USD 4.11 trillion recorded in 10 years from 2012 to 2021.- (VNA/VLLF)
 
 

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