Vietnam's foreign trade rises to $176 bn in Q1 2022

14 Apr '22

2 min read

Pic: Shutterstock

Vietnam’s exports and imports posted double-digit growth in 2022 first quarter (Q1), rising to $176 billion—a year-on-year rise of 14.4 per cent, said Tran Thanh Hai, deputy general director of the Agency of Foreign Trade. Exports expanded by 12.9 per cent during the period.

Many experts foresee that the total export-import revenue can reach as high as $700 billion this year, and therefore, the ministry of industry and trade (MoIT) has been taking drastic measures to improve how market information is being provided to exporters. MoIT, however, expects foreign trade to surge by 6-8 per cent to reach $363 billion this year.

Hai attributed the surge to the benefits arising out of new-generation free trade agreements (FTAs) and the regional trade agreements.

The ministry has developed a number of websites providing information updates to domestic firms. In addition to themed websites run by Vietnamese trade offices overseas, it recently launched the Vietnam National Trade Repository, which was built with the help of the UK government.

MoIT has also organised a number of virtual and in-person training courses on trade policies and FTAs and given away various handbooks, publications and materials providing instructions on how to export to China and new markets like the Middle East and Latin America, according to a news agency.

A new handbook is expected to come out soon to instruct firms to shift from unofficial-quota to official-quota export.

Fibre2Fashion News Desk (DS)

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