The nation’s exports to the ASEAN market this year are expected to reach US$23.6 billion, while the average growth rate for the 2016 to 2020 period is predicted to witness a low level of growth at 5.26%, according to the latest report released by the Ministry of Industry and Trade (MoIT).
This comes as total trade turnover between the country and ASEAN member states is estimated to be at US$55.8 billion for this year, accounting for 10.4% of the total Vietnamese import-export turnover, with ASEAN representing the nation’s fifth largest trading partner, the MoIT report states.
Among countries located in Southeast Asia, Thailand and Malaysia are the only two nations who currently have over US$10 billion in total bilateral trade turnover with the Vietnamese market. In addition, five other countries, including Indonesia, Singapore, Cambodia, the Philippines, and Laos, have a total turnover of more than US$1 billion.
With US$23.6 billion of goods exported to the region over the course of the year, the main export products include phones and components, steel of all kinds, computers, electronic products and components, machinery, equipment, tools and spare parts, vehicles and spare parts, garments and textiles, along with rice.
Furthermore, the country’s imports from the ASEAN region this year are anticipated to hit US$32.2 billion, with the average import growth rate during the 2016 to 2020 period poised to record an increase of 5.55%. This growth will largely focus on commodity groups such as fruit and vegetables, confectionery and cereal products, household electrical goods and components, petroleum products, rubber, plastic materials, paper of all kinds, automobiles of all kinds, and auto components and spare parts.
With regard to the balance of trade in goods between the nation and ASEAN, it is anticipated that the country will record a deficit of US$8.6 billion this year.
In 2019, the total Vietnamese import-export turnover with the region reached US$57.3 billion, including US$25.2 billion from exports and US$32.1 billion from imports, making up a 1.1% rise in value compared to 2018. Indeed, the nation’s trade deficit with ASEAN registered at US$6.85 billion, down 1.3% from 2018.