Vietnam export revenue of goods set new record despite COVID-19
Vietnam has fulfilled a number of economic targets this year despite impacts of the COVID-19 pandemic, becoming one of the top 20 economies in the world in terms of international trade.
According to a recent report of the Ministry of Industry and Trade (MoIT), Vietnam earned nearly 336.25 billion USD from exports in 2021, up 19 percent from the previous year. Despite a slew of difficulties, the country’s export-import revenue still hit a new record of nearly 670 billion USD, a year-on-year rise of 23 percent.
Vietnam has maintained a trade surplus for the sixth consecutive year, with a value of over 4 billion USD, mainly with developed, demanding markets like the US (with a trade surplus of about 80.1 billion USD) and Europe (close to 23.2 billion USD). The growth in exports has surpassed the target of 4-5 percent as set by the National Assembly and the Government.
Last year, shipments of raw materials decreased, while the export volume of processed and industrial products increased, with processed products accounting for 86.24 percent in the export structure.
Good growth was seen in exports to markets engaging in FTAs with Vietnam like China (15 percent), the US (24.2 percent), the EU (14 percent), ASEAN (25.8 percent), the Republic of Korea (RoK) (15.8 percent), India (21 percent), New Zealand (42.5 percent) and Australia (3.1 percent).
Apart from traditional markets, Vietnam’s export to new markets, particularly signatories of free trade agreement (FTAs), has also seen improvements.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU Free Trade Agreement (EVFTA) have proven effective as Vietnam’s export to the markets that are members of the pact expanded significantly.
According to experts, these achievements are attributable to efforts by the entire political system, the business community and people, along with the Government’s flexible decisions and policies.
Vietnam has shifted its strategy from “zero COVID-19” to safely and flexibly adapting to and effectively controlling the pandemic, helping to maintain economic activities. Such policies and strategies have consolidated public confidence in the Government, and encouraged them to join hands in pandemic containment and economic development.
Earlier, the General Statistics Office (GSO) revealed that Vietnam enjoyed a trade surplus of 4 billion USD in 2021, marking the 6th consecutive year in a row the country's export turnover is higher than its import revenue.
Statistics show that, Ho Chi Minh City is still the locality with the highest export turnover. Export revenue recorded by businesses in Ho Chi Minh City reached 44.9 billion USD last year, up only 1 percent from 2020, partially due to impacts of the COVID-19 pandemic, heard a conference jointly held by the US Agency for International Development (USAID) and the municipal Department of Industry and Trade.
The department said the value of exports to major markets like China, the US, Japan and the European Union (EU) dropped in 2021, adding that although the southern metropolis is performing well in pandemic prevention and control, production and export-import activities have yet to be fully recovered.
It reported a range of obstacles to exports regarding workforce, warehouses, high maritime transportation cost and a shortage of containers and ships, plus tightened pandemic prevention and control measures rolled out in key markets.
Under its export development project by 2025 with a vision towards 2030, HCM City targets an average annual export growth of 9.5 percent in 2021-2025, and 9 percent in 2026-2030. Meanwhile, total export turnover is expected to hit 70 billion USD by 2025, and 108 billion USD by 2030.
Dang Thai Thien, deputy head of the Supervision and Management Division at the HCM City Customs Department, stressed the significance of institutional reform, digital transformation and the national one-stop shop portal to boost the city’s export.
