Vietnam likely to hit $600 bn in foreign trade by 2021 end: Ministry
30 Oct 21 2 min read
Four groups of commodities with an export turnover of $1 billion upwards were garments; phones and components; computers, electronic products and components; and machinery and equipment.
Vietnam earned $254 billion from exports and spent $256.45 billion on imports, resulting in a trade deficit of $2.45 billion by October 15, according to media reports from the country.
According to the MoIT, the monthly trade balance has gradually shifted to a trade deficit since the beginning of the second quarter, and this trend is showing signs of decreasing, with just $100 million worth of trade deficit recorded in August.
The trade balance will heavily depend on the results of the ongoing fight against the COVID-19 pandemic, said MoIT, which would continue to implement a range of solutions to support businesses and promote exports.
Quickly resuming production and boost exports are the most important solution to reduce the trade deficit and move towards a trade surplus in the near future, the ministry added.
Fibre2Fashion News Desk (DS)
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