Vietnam’s export sees impressive growth despite COVID impact
Vietnam’s export turnover is estimated at 27.3 billion USD in October, bringing the figure in the first ten months of 2021 to 267.9 billion USD, up 16.6 percent against the same period last year.
According to the General Statistics Office (GSO), in the period, there are 31 commodities with export turnover of over 1 billion USD, accounting for 92.4 percent of the total export value. Six commodities joined the 10-billion USD export club, with their combined export value accounting for 63 percent of the total.
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The export turnover of the manufacturing and processing sector, fuel and minerals, and agricultural and forestry products are estimated at 238.8 billion USD, 3.03 billion USD, and 19.2 billion USD, up 17.3 percent, 16.6 percent and 15.1 percent year-on-year, respectively. Meanwhile, a slight decrease of 0.8 percent is seen in the export turnover of aquatic products, which raked in 6.89 billion USD, the GSO announced on October 29.
During January-October, the US was Vietnam’s largest export market with a turnover of 76 billion USD, up 21.9 percent over the same period last year. It was followed by China with 44.2 billion USD (up 16.8 percent), the EU with 31.7 billion USD (up 8.9 percent) and the ASEAN market with 23 billion USD (up 21.3 percent).
Vietnam spent 26.2 billion USD on imports in October, down 1.7 percent month-on-month and up 8.1 percent year-on-year, according the GSO.
The figure brought the country’s total import value in the first ten months of 2021 to 269.38 billion USD, up 28.2 percent year-on-year.
Also read: How to enter Vietnam market as foreign investors
China was Vietnam’s biggest import market, with 89.4 billion USD, up 36.4 percent year-on-year. It was followed by the Republic of Korea with 45.5 billion USD (up 21.4 percent), the ASEAN market with 33 billion USD (up 34.8 percent), and Japan with 18 billion USD (up 9 percent).
In October, Vietnam enjoyed a trade surplus of 1.1 billion USD. However, in the first ten months of 2021, the country posted a trade deficit of 1.45 billion USD, in which the domestic economic sector recorded a trade deficit of 22.73 billion USD, Vietnam News Agency reported.
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