Vietnam's import-export revenue projected to hit $640-$645 bn in 2021

24 Nov '21

2 min read

Pic: Xubang Yang | Dreamstime.com

Vietnam’s ministry of industry and trade (MoIT) recently forecast that the total import-export revenue this year may reach $640-$645 billion, with a slight trade deficit. The ministry attributed that to the efforts of the business community in overcoming pandemic-induced difficulties to maintain production, especially those in the garment, textile and leather sectors.

By the end of the year, domestic businesses can regain a growth rate like it was before the pandemic broke out, according to the ministry. Sectors that are traditionally strong in export like telephone, electronics, machinery and accessories are also likely to post export growth of 15-25 percent this year, it said.

MoIT said that after three years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and a year of the European Union-Vietnam Free Trade Agreement (EVFTA), the positive impact of those deals on the country’s exports has shown clearly, especially in markets without any FTA with Vietnam before, a news agency reported.

For example, exports to Canada, Mexico and Peru have been increasing at 25-30 per cent per year.

However, the ministry also pointed to major difficulties facing businesses, including labour shortage, especially in southern localities, as well as a lack of materials for production, high logistics cost, and restrictions from COVID-19 prevention and control measures.

Fibre2Fashion News Desk (DS)

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