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EXPORT-IMPORT TURNOVER HITS 10-YEAR RECORD
Vietnam's trade turnover in the first four months of 2021 reached $103.9 billion, a 10-year record high, according to statistics published by the General Statistics Office (GSO).
Domestic businesses exported $25.76 billion worth of goods and services, up 12.8 per cent on-year and accounting for 24.8 per cent of all overseas shipments, while foreign-invested enteprises (FIEs) still made up the majority with $78.14 billion, increasing 34.4 per cent and representing 75.2 per cent of the total.
From January to April, the heavy industry and mining sector reported the highest growth, generating $57.58 billion in export revenue, up 33 per cent on-year. The runners up are the light and craft industries (27.5 per cent) and agriculture and forestry (8.8 per cent).
The United States was Vietnam’s largest export market in the past four months with the total turnover of $30.3 billion, increasing by 50.1 per cent on-year. China came second with the export turnover of $16.8 billion, up 32.4 per cent, followed by the EU with $12.6 billion (up 18.1 per cent).
Meanwhile, China remained Vietnam’s biggest import market with $33.1 billion, up 47.8 per cent on-year, followed by Korea ($16.9 billion), ASEAN ($14.1 billion), and Japan ($7.2 billion).
The GSO also reported trade surplus of $1.29 billion and total retail sales of goods and services of close to VND1.7 quadrillion ($73.9 billion) in the first four months of the year, up 10 per cent on-year.
In order to support domestic enterprises to promote exports, the Ministry of Industry and Trade will take advantage of free trade agreements to expand export markets and remove barriers to penetrate new markets deeper. Besides, the ministry will prioritise implementing trade promotion activities at markets, to assist fast recovery after the COVID-19 pandemic.
Furthermore, the ministry will make an effort to promote the development of sectors like energy, precision engineering, as well as some mechanical engineering in order to create favourable conditions for supporting industries.
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Vietnam-ASEAN trade turnover has increased rapid over the last 26 years (1995-2021), contributing to the development of Vietnam and other ASEAN member states.
Digital transformation and e-commerce will continue to thrive in 2021 and create a new catalyst for economic growth, according to experts. This is also an opportunity for Vietnamese companies to develop new business strategies.
The State Bank of Vietnam (SBV) has requested local credit institutions and foreign banks’ restrict lending concentration for real estate and construction, Build-Operate-Transfer (BOT) and the consumption sector.
There will be little change in current trends of mergers and acquisitions in Vietnam’s logistics industry this year as domestic players remain sellers and Asian investors continue to gain the upper hand.