Vietnam Maintains Export, Import Growth Despite Covid
|Vietnam News Today (July 6): Hanoi’s Education Department Suggests Reopening Schools on July 10|
|To Unleash Vietnam Sea's Untapped - Potential Economy|
|ADB Country Director: Vietnam capable of achieving dual goals|
Export exceeded US$ 157 billion
According to the Ministry of Industry and Trade, export turnovers in June 2021 were estimated to reach US$ 26.5 billion, an increase of 17.3% compared to the same period last year.
In the first six months of 2021, Vietnam’s export turnovers totaled roughly US$ 157.63 billion, which was 28.4% higher than the same period in 2020.
Most agricultural and aquaculture products recorded an increase in the first half of 2021. Rubber products observed the strongest growth rate in both quantities (41.3%) and value (80%) compared to the same period in the previous year and were expected to reach 681 thousand tons, valued at US$1.149 billion.
Vietnam's export turnovers increased in the first six months of 2021 despite the Covid-19 pandemic.
Photo: Hai quan Online
In addition, the export of cassava and cassava products increased 30.5% compared to the same period in 2020. Seafood (12.5%) and vegetable (17.7%) products similarly recorded a higher export rate compared to the previous year. In the past six months, the export of agricultural, forestry and aquatic products brought Vietnam US$ 13.3 billion.
Notably, shrimp processing and export in Ca Mau province in the first six months of 2021 achieved a higher output than the same period in 2020. Ca Mau’s shrimp output reached roughly 108,000 tons, while shrimp export turnovers topped US$ 455 million, increasing 9.5% and 18.8% respectively. Most of Ca Mau’s shrimps are exported to the U.S., European Union, Japan and Korea.
|Highly competitive, Ca Mau's shrimp products are exported to over 60 countries and regions. Photo: Vietnam+|
According to deputy-director of Ca Mau Provincial Department of Industry and Trade Duong Vu Nam, Covid is well controlled in Ca Mau and some of its exporting markets. The consumption demand for this group of aquatic products from the restaurant and foodservice sectors is gradually recovering and increasing.
Although many businesses are affected by Covid, the processing industry maintained an increase of 31.5% compared to the same period in 2020 to reach US$ 135.5 billion, accounting for 85.9% of the total export turnovers in Vietnam. This growth came mostly from the export of major products such as smartphones and spare parts (14.2%) and wood and wooden products (61.1%).
The trade balance will improve
Imports also enjoyed a robust growth in the first six months of 2021, achieving a turnover of US$ 159.1 billion, increasing 36.1% compared to the same period of the previous year. In total, Vietnam’s import turnovers reached US$ 1.47 billion.
Despite complex Covid occurrences, the Ministry of Industry and Trade expects trade activities to improve, when free trade agreements are implemented more comprehensively and effectively, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, The European Union Vietnam Free Trade Agreement and the United Kingdom Vietnam Free Trade Agreement.
Notably, the prices of Vietnam’s export products are increasing. This will be an important drive to improve exporting values. In addition, the demand for commodities in the world is slowly recovering, presenting an opportunity for Vietnam to boost the export of consumer products which Vietnam is strong at.
|Vietnam's import turnovers increased 36.1% compared to the same period in 2020. Photo: Bao quoc te|
According to the Ministry of Industry and Trade, "normally, import of production materials increase at the beginning of the year and decrease in the latter half. On the contrary, export peaks at the end of the year. The demand for Vietnam’s products will increase in the last six months of 2021. Therefore, we expect the trade balance to be improved.”
Aiming to boost exports, the ministry is enhancing solutions to support businesses in Vietnam, such as promoting and connecting producers and suppliers with distributers and organizing trade promotion events between localities through provincial departments of industry and trade.
In addition, the ministry continues to collaborate, support and guide localities on promoting and finding markets for agricultural products on digital platforms facing social distancing and helping businesses to expand the domestic market to quickly boost consumption of agricultural products in or about to enter harvest season.
|Vietnam's pangasius exports rise on global demand |
Vietnam's pangasius exports has been recovering since the rise of global demand and their successful control of the COVID-19 pandemic, according to the Vietnam Association ...
|Vietnamese student in France plans to help Vietnam develop energy economy |
Tran Hoai Phuong, 28, wants to act as a bridge between Vietnam and France in developing technology to ensure energy security after successfully defending his ...
|Industrial parks: Vietnam to do more to attracts big investors |
Vietnam industrial parks have positive development in the first five months of 2021, but the country needs to do more to attract more big investors, ...