The US is Vietnam’s largest export market in January
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The statistics announced by the General Statistics Office show that in January 2021, China follows China to be the second-largest export nation of Vietnam with the total turnover reaching 5.8 billion USD, up 111.6% while that of EU was 2.8 billion US, a 14.8% increase.
China ranked second among the country’s biggest export markets with US$5.8 billion, a huge increase of 111.6% from the same period last year, followed by the EU, ASEAN, Japan, and the Republic of Korea, according to VOV.
January saw the import turnover of goods enjoy a strong surge of 41% to US$26.4 billion compared to the last year’s corresponding period.
In contrast, China remains the largest importer of Vietnamese goods with import turnover reaching US$9.6 billion, marking a rise of 72.7% on-year, followed by the Republic of Korea, ASEAN, Japan, the EU, and the US.
The nation racked up a trade surplus of US$1.3 billion during January, of which the domestic economic sector recorded a trade deficit of US$1.8 billion, while the foreign-invested sector runs a trade surplus of US$3.1 billion.
The country also enjoyed a trade surplus of US$1.5 billion with the EU, while suffering a trade deficit of US$3.8 billion, US$3.4 billion, and US$1.1 billion with China, the Republic of Korea, and ASEAN, respectively.
Vietnam is aiming to increase its export revenue to US$340 billion by 2020, as per a report on socio-economic development for the 2021-2025 period compiled by the Ministry of Industry and Trade (MOIT), Nhan dan reported.
With such a target, exports should grow by an annual average of 5%.
The MOIT expects Vietnamese exports to the European and American markets to expand by 7-10% per year.
In 2025 Vietnam is also expected to import US$330 billion worth of goods, with import growth averaging at 4.9% annually over the next five years.
Domestic trade is expected to contribute 13.5% to GDP in 2025, with annual average growth at about 13.5%. The MOIT aims to have revenue from retail sales and consumer services grow by 9-9.5% per year.
The proportion of retail sales through modern forms of commerce is expected to reach 35-40% by 2025, while the amount of small and medium businesses involved in e-commerce is targeted at 45%.
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