Vietnam foreign trade volume jumps to a record $410 billion

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Vietnam this year expects a record foreign trade volume of around $410 billion, the country’s General Department of Vietnam Customs said on December 20. Those combined total import and export turnovers are double the figure of just six years ago and substantially more than back in 2001, even catching up with Thailand this year.

The volume of Vietnam’s foreign trade was only $30 billion in 2001, but rose to $100 billion in 2007 when Vietnam joined the World Trade Organization, and reached $200 billion 2011 and $300 billion in 2015.

This year by December 15, Vietnam gained export turnovers of nearly $204 billion and import turnovers of $201.3 billion, resulting in a trade surplus of $2.7 billion by that date. For the full year, the customs department expects a trade surplus of roughly $3 billion, the biggest-ever.

In comparison, Vietnam saw an annually average trade deficit of $12.5 billion between 2006 to 2010, and $2 billion in average in the 2011-2015 period.

Main export goods of Vietnam are clothes, shoes, marine products, crude oil, coal, electronics, wooden products, rice, coffee and machinery. Main export partners are China with almost one third 27.2 per cent of trade volume, followed by South Korea, Japan, Taiwan and others, among which the US has become the fastest-growing export market after relations between Hanoi and Washington gradually improved in the recent past.

The country’s imports consist of machinery, refined petroleum, steel, raw material for the textile industry, vehicles and electronic parts. The main origins of Vietnam’s imports are China, Taiwan, Singapore, Japan, South Korea, Thailand, and Malaysia.

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Reading Time: 2 minutes

Vietnam this year expects a record foreign trade volume of around $410 billion, the country’s General Department of Vietnam Customs said on December 20. Those combined total import and export turnovers are double the figure of just six years ago and substantially more than back in 2001, even catching up with Thailand this year.

Reading Time: 2 minutes

Vietnam this year expects a record foreign trade volume of around $410 billion, the country’s General Department of Vietnam Customs said on December 20. Those combined total import and export turnovers are double the figure of just six years ago and substantially more than back in 2001, even catching up with Thailand this year.

The volume of Vietnam’s foreign trade was only $30 billion in 2001, but rose to $100 billion in 2007 when Vietnam joined the World Trade Organization, and reached $200 billion 2011 and $300 billion in 2015.

This year by December 15, Vietnam gained export turnovers of nearly $204 billion and import turnovers of $201.3 billion, resulting in a trade surplus of $2.7 billion by that date. For the full year, the customs department expects a trade surplus of roughly $3 billion, the biggest-ever.

In comparison, Vietnam saw an annually average trade deficit of $12.5 billion between 2006 to 2010, and $2 billion in average in the 2011-2015 period.

Main export goods of Vietnam are clothes, shoes, marine products, crude oil, coal, electronics, wooden products, rice, coffee and machinery. Main export partners are China with almost one third 27.2 per cent of trade volume, followed by South Korea, Japan, Taiwan and others, among which the US has become the fastest-growing export market after relations between Hanoi and Washington gradually improved in the recent past.

The country’s imports consist of machinery, refined petroleum, steel, raw material for the textile industry, vehicles and electronic parts. The main origins of Vietnam’s imports are China, Taiwan, Singapore, Japan, South Korea, Thailand, and Malaysia.

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