Vietnam likely to hit $600 bn in foreign trade by 2021 end: Ministry

Vietnam’s target of $600 billion in foreign trade is likely to be met by the end of the year as the national import-export turnover had exceeded $510 billion by October 15, according to the Agency of Foreign Trade under the ministry of industry and trade (MoIT). Its import-export turnover hit more than $26 billion in the first half of October, including $13.16 billion from exports.

Four groups of commodities with an export turnover of $1 billion upwards were garments; phones and components; computers, electronic products and components; and machinery and equipment.

Vietnam earned $254 billion from exports and spent $256.45 billion on imports, resulting in a trade deficit of $2.45 billion by October 15, according to media reports from the country.

According to the MoIT, the monthly trade balance has gradually shifted to a trade deficit since the beginning of the second quarter, and this trend is showing signs of decreasing, with just $100 million worth of trade deficit recorded in August.

The trade balance will heavily depend on the results of the ongoing fight against the COVID-19 pandemic, said MoIT, which would continue to implement a range of solutions to support businesses and promote exports.

Quickly resuming production and boost exports are the most important solution to reduce the trade deficit and move towards a trade surplus in the near future, the ministry added.

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