Vietnam’s Trade Turnover Projected at US$645 Billion This Year

Vietnam’s total import-export turnover is expected to reach between US$640 billion and $645 billion this year. Photo: Vietnam Investment Review

The Ministry of Industry and Trade attributed these achievements to great efforts made by enterprises to overcome challenges caused by Covid-19 to maintain and restore production.

Most notably, a number of major industries such as garment-textile, leather, and footwear, have fulfilled their targets ahead of schedule despite the adverse impacts of the pandemic.

According to the ministry, industries will be able to regain their growth momentum from now until the end of the year, and reach the level recorded before the pandemic.

The sectors that have strength in export like phones, electronics, machinery, and components are set to gain export growth of between 15% and 25% this year, the ministry said.

Experts have also held that new-generation free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), have given more impetus to Vietnam’s export.

Vietnam would enjoy a trade surplus this year. Photo: VNA

Thanks to the CPTPP, for example, Vietnam’s exports to Canada, Mexico, and Peru have enjoyed an annual growth rate of between 25% and 30%.

For the EVFTA, the rate of taking advantage of the various incentives from the trade pact through the issuance of certificates of origin (C/O) form EUR1 is about 20%.

In addition, a number of export items to the EU now enjoy low tariff as a result of the incentives from the General System of Preferences (GSP) that allows some businesses to go through the process without the C/O EUR1 form.

Enterprises have also been allowed to conduct self-certification of origin for export shipments worth less than EUR6,000 to the EU market.

Experts, however, pointed out challenges facing enterprises, including labor shortage and high logistics costs, which have hindered their efforts to restore production capacity./.

Vietnam’s export turnover is estimated at $27.3 billion in October. Photo: VNA

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