Vietnam's export-import values reaches $700 billion

According to the General Department of Vietnam Customs, the total import-export value has hit $700 billion for the year, a new milestone for the country. Previously, Vietnam's import and export turnover reached $500 billion and $600 billion in 2020 and 2021, respectively.

In the department's latest report, in the first 11 months of the year, the total export and import turnover of foreign-invested enterprises was $468.7 billion, an increase of 12.1 per cent. This sector contributes about 66 per cent of the country's total.

Exports to the US hit $101 billion, up 18 per cent on-year, and imports from China were $109 billion, an increase of 10 per cent (equivalent to a $9.93 billion rise). As of November 30, the trade surplus was $10.6 billion.

In 2021, the World Trade Organization reported Vietnam ranking 23rd in exports and 20th in imports worldwide. In the ASEAN region, Vietnam's export and import values ranked second after Singapore.

The General Department of Vietnam Customs expected that Vietnam's ranking could be levelled up this year thanks to this achievement.

Six commodities posted 10 billion USD in export value in the first ten months of this year, according to the General Statistics Office.

An 11-month large trade surplus has mirrored an expansion of both exports and imports, but lingering risks are making it difficult for the country to hit its trade goals next year.