VINACHEM

Vietnam’s total export and import value reached US$270.82 billion in a period from January 1 to May 15, 2024, resulting in a trade surplus of US$6.36 billion, according to the General Department of Customs.

The first half of May witnessed the country fetch US$14.64 billion in export revenue, raising its total export earnings in the first four and a half months to US$138.59 billion, up 16% year on year.

Meanwhile, the country spent US$17.26 billion on imports in the first half of May, raising its total import turnover by mid-May to US$132.23 billion, up 17.5% year on year.

Exports to major markets such as the United States, the European Union, and China all enjoyed double digit growth, with the US remaining the largest Vietnamese export market.

The Ministry of Industry and Trade has suggested that businesses strive to take full advantage of potential markets where the country has signed a Free Trade Agreement (FTA), such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in order to meet the export target by the end of this year.

In addition, local firms have been advised to diversify markets in order to maintain growth momentum by fully tapping into new markets worldwide.   – Source: VOV –