Vietnam poised for record trade
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Vietnam’s foreign trade is set to exceed US$700 billion this year, the highest ever, the customs department said.
It has risen steadily from $500 billion in 2020 and $600 billion last year.
In the first 11 months exports rose bviy 13.4% from a year earlier to $342.2 billion, and imports were up 10% to $331.6 billion, resulting in a surplus of $10.6 billion.
Exports to the U.S. alone, the largest export market, were worth $101.5 billion. Imports from China, the
country’s biggest source, topped $109.9 billion.
According to the General Department of Vietnam Customs, the country’s global import-export ranking
will go up this year.
In 2021 the World Trade Organization had ranked Vietnam 23rd in terms of exports and 20th in imports.
In the 10-member ASEAN, Vietnam ranked second behind only Singapore.
Questions & Answers
Q.What is the projected total value of Vietnam's foreign trade for this year?
What is the projected total value of Vietnam's foreign trade for this year?
Vietnam's foreign trade is expected to surpass US$700 billion this year, marking a new record high. This figure shows a steady increase from $500 billion in 2020 and $600 billion last year.
Q.Which countries are Vietnam's largest export market and biggest source of imports?
Which countries are Vietnam's largest export market and biggest source of imports?
The United States is Vietnam's largest export market, with exports valued at $101.5 billion. China serves as the country’s biggest source of imports, topping $109.9 billion during the first 11 months.
Q.How do Vietnam's export and import figures for the first 11 months compare to the previous year?
How do Vietnam's export and import figures for the first 11 months compare to the previous year?
In the first 11 months, exports increased by 13.4% to $342.2 billion, while imports rose by 10% to $331.6 billion. This resulted in a trade surplus of $10.6 billion for the period.
Q.How did Vietnam rank globally and within ASEAN for trade in 2021?
How did Vietnam rank globally and within ASEAN for trade in 2021?
In 2021, the World Trade Organization ranked Vietnam 23rd globally for exports and 20th for imports. Within the 10-member ASEAN, Vietnam placed second, behind only Singapore.
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