Vietnam’s Trade Map in 2022

With export-import revenue hitting $732 billion for the first time, Vietnam has been listed among the leading economies in terms of international trade.

Rosy Huong

huongthhd@gmail.com January 25, 2023 | 09:13

Over the past years, Vietnam’s export and import have made great strides. Photo: nguoiquansat.vn

Over the past years, Vietnam’s export and import have made great strides in both scale and pace as the total turnover reached $5.14 trillion between 2002 and 2021, statistics show.

In the 2012-2021 period alone, the value stood at $4.11 trillion, four times higher than the figure recorded in the previous decade.

Thanks to the drastic direction of the Government, the close coordination between ministries, agencies and localities, and tireless efforts by the business community, Vietnam’s export and import have made continuous records.

Vietnam’s total export-import value was only over $30 billion in 2001. In 2007, it reached $100 billion, after Vietnam became an official member of the World Trade Organization (WTO). The figure doubled to $200 billion four years later and hit $300 billion in 2015.

In 2021, the WTO reported Vietnam ranking 23rd in exports and 20th in import worldwide. Photo: Vietnamnet

The mark of $400 billion was recorded in mid-December 2017, $500 billion in mid-December in 2019, $600 billion on November 30, 2021, and $700 billion on December 15, 2021.

Data from the WTO 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 and territories in this regard.

In 2021, the WTO reported Vietnam ranking 23rd in exports and 20th in import worldwide. Among the ASEAN countries, Vietnam ranked second in both import and export, only after Singapore in 2021.

Trade balance reversed

Among the ASEAN countries, Vietnam ranked second in both import and export, only after Singapore in 2021. Photo: Vietnamnet

Vietnam's trade balance achieved a continuous surplus after a long period of deficit.

Before 2011, the country always ran a trade deficit, amounting to billions of USD, with the largest hitting $18.02 billion in 2008.

However, the trade balance has been reserved since 2012, turning to a continuous surplus (except for 2015 with a deficit of $3.55 billion).

In 2020, the country's trade in goods made a record with a surplus of $19.94 billion. In late 2021, the trade surplus decreased to $3.32 billion. However, in the first eleven months of 2022, the trade surplus bounced back, reaching $10.68 billion.

Currently, Vietnam has extensive trade relations with countries and territories around the world, focusing on major partners such as China, the US, the Republic of Korea (RoK), Japan, the EU, and ASEAN.

The US was Vietnam’s biggest importer in the period, while China was the country’s largest exporter./.

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