This year, total import-export revenue is estimated at about 660.1 billion USD, up 21 percent year on year, including 331.1 billion USD of exports (Photo: VNA)

According to Deputy Minister of Industry and Trade Tran Quoc Khanh, 2021 was a tough year for businesses due to COVID-19 impacts.

However, thanks to the drastic direction from the Government as well as efforts from ministries, sectors, localities and businesses, Vietnam has not only reversed the export situation but also made a new record in revenue, he said.

This year, total import-export revenue is estimated at about 660.1 billion USD, up 21 percent year on year, including 331.1 billion USD of exports, a rise of 17.2 percent over 2020, resulting in a trade surplus of about 2.1 billion USD, a year on year increase of 0.64 percent.

Vice Director of the Import-Export Agency under the Ministry of Industry and Trade Tran Thanh Hai said that previously, agro-fisheries products played the core role in export growth, but this year, they were replaced by processed products.

Domestic firms have made big investment in manufacturing-processing and focused more on producing products with high added value and high brainpower and technology contents, he said.

Along with the increased diversity in export products that meet the market demands, Vietnamese firms have optimised free trade agreements (FTA), especially new generation FTAs, to promote exports, he noted.

According to economist Can Van Luc, thanks to the recovery of major trade partners such as the US, China, the EU and ASEAN, in 2022, import-export revenue growth may reach 13-15 percent.

Meanwhile, Andrew Jeffries, Asian Development Bank (ADB)’s Country Director in Vietnam predicted that next year, Asian countries, including Vietnam, will see strong export recovery.

He underlined that 15 new generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EU-Vietnam FTA will be a leverage for Vietnam to promote trade with many large markets.

Many experts have also shown optimism about Vietnam’s exports in 2022 thanks to the global trade recovery, the effectiveness of the Regional Comprehensive Economic Partnership (RCEP) and reduced logistics cost.

They asserted that Vietnam will maintain high growth in exports, which will be the major motivation for the country’s economic development in 2022.

Truong Van Cam, Vice President of the Vietnam Textile and Apparel Association (VITAS) said that the association has built three scenarios for the sector’s exports in 2022. In the most optimistic one, the industry may bring home 42.5-43.5 billion USD in export revenue.

According to Minister of Industry and Trade Nguyen Hong Dien, the ministry will continue to support businesses by working to expand export market, effectively implementing FTAs, updating businesses on market developments and strengthening trade promotion activities./.

Source: VNA