The Ministry of Industry and Trade (MoIT) has predicted Vietnam’s total import-export turnover is likely to expand by 10% this year to US$600 billion, beating the 4% growth target set previously by the Government.

Vietnam posted a trade deficit of $3.71 billion in the first eight months of 2021 as the country's imports rose 33.8 percent year on year to $216.26 billion while exports raked in $212.55 billion, up 21.5%, according to the General Statistics Office.

Vietnam reported US$2.7 billion in trade deficit in the first seven months of this year while the same period last year enjoyed a trade surplus of US$8.69 billion, the General Statistics Office (GSO) announced on July 29.

Vietnam’s merchandise trade balance in the first half of the year resulted in a trade deficit. Last year, it had a trade surplus for the same period.

After months of continuous trade surplus, Vietnam witnessed the return of a trade deficit in May, but it is too early to conclude whether this represents a new trend in the balance of trade though a bumpy road remains ahead for businesses.

Vietnam’s import and export activities in May were affected by the fourth Covid-19 wave, but they still increased generally.

The value of Chinese imports in the first months of 2021 alone reached $15.42 billion, twice as much as the value of Vietnamese exports to the market.

The Regional Comprehensive Economic Partnership (RCEP) would not worsen the trade deficit Vietnam was running with signatory markets, according to the Ministry of Industry and Trade.

Worries have been raised that RCEP will lead to a higher trade deficit with partners, especially China. But the Ministry of Industry and Trade (MOIT) doesn’t think so.

The two-way trade turnover increased sharply from US$117 million in 2017 to US$200 million in 2019.

Vietnam's trade turnover is likely to have reached US$440.09 billion in the January–October period, up 2.7% year-on-year.

Vietnam ran a trade surplus of $2.8 billion in the first quarter of this year, higher than 1.5 billion USD recorded in the same period last year, despite the growing COVID-19 pandemic in the country’s major export markets.

If the 2019 novel coronavirus (2019-nCoV) epidemic lingers, production, trade and State budget revenue will be greatly affected, according to the Ministry of Finance (MoF).

In the first month of the year, Vietnam imported goods worth US$18.42 billion, while its export revenue totaled some US$18.2 billion, resulting in a trade deficit of US$232 million.

Vietnam reported a trade deficit of US$100 million in January, according to the General Statistics Office (GSO).

After being relatively stable last year, the foreign exchange rate of the Vietnamese dong against the US dollar is forecast to be under greater pressure in 2020 due to both internal and external headwinds.

Viet Nam had a trade deficit of more than US$1 billion with Australia last year, one year after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect.

Import-export turnover between Vietnam and China continued to hit new heights in 2019 by reaching a milestone of approximately US$117 billion.