Trade revenue in 2022 likely to hit US$750 billion

Must Read

Vietnam’s total import-export turnover this year is anticipated to reach between US$740 – 750 billion, representing a rise of 13 – 15% over the previous year, according to industry insiders.

Trade revenue in 2022 likely to hit US$750 billion

Trade activities are set to maintain their growth momentum as the processing and manufacturing sectors have enjoyed a recovery in their production activities. (Photo: baodautu.vn)

Nguyen Viet Phong, an official of the General Statistics Office, says there remains plenty of room for export activities to grow well in 2022 thanks to robust export growth recorded in 2021 coupled with the country’s flexible approach to contain the COVID-19 pandemic.

Vietnam grossed US$668.5 billion in foreign trade last year, a year-on-year rise of 22.6%, helping the country maintain a trade surplus of more than US$4 billion.

“Vietnam’s shifting of its COVID-19 strategy to living safely with COVID-19 is facilitating business production and this approach is expected to fuel the country’s foreign trade this year,” explains Phong.

Economist Can Van Luc predicts Vietnam is likely to rake in between US$372 – 380 billion from exports this year, representing a rise of between 13 – 15%, while imports will hover around US$366 – 372 billion, up between 11 – 13% compared to 2021’s figures.

“The country is anticipated to continue posting a trade surplus of between US$4 – 8 billion this year, he says.

The expert notes ongoing COVID-19 containment efforts and the enforcement of new-generation free trade agreements (FTAs) will give fresh impetus to trade, and boost investment and tourism activities, in the context that global trade is likely to see a downward trajectory due to the outbreak of new COVID-19 strains.

Meanwhile, Phi Huong Nga, another official of the General Statistics Office, expresses her belief that import and export activities will continue to represent bright spots on the overall economic picture this year as local processors and manufacturers have enjoyed a recovery in their production activities.

According to recent survey results conducted by the General Statistics Office for processing and manufacturing enterprises, up to 83.3% of respondents revealed that the number of new export orders has increased or remained the same as in the fourth quarter of 2021.

Statistics show Vietnam’s total import-export value in the first half of January 2022 was US$27.55 billion, a fall of 20.7% compared to the first half of December 2021. Experts say despite a temporary decline, trade activities are set to maintain their growth momentum this year.

Source: VOV

Vietnam’s total trade value this year may reach more than US$660 billion, surging 21 per cent year-on-year, according to the latest forecast of the Ministry of Industry and Trade (MoIT).

- Advertisement -spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest News

Cassava exports up but trade deals not capitalised on

Việt Nam’s cassava exports increase but the industry has not taken advantage of free trade agreements. — Photo courtesy...
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img