INDUSTRIES

Import-export turnover likely to hit US$600 billion this year

VOV.VN – With total import and export turnover of goods surging by 32.2% to US$316.73 billion in the first half of the year, Vietnam is likely to gross US$600 billion in import-export turnover throughout the year, according to industry insiders.

Import-export turnover likely to hit US$600 billion this year

Economists have therefore emphasised that the manufacturing and agro-forestry-fisheries sectors are anticipated to become two major pillars for Vietnamese exports moving into the second half of the year.

Nguyen Anh Duong, head of the Central Institute for Economic Management (CIEM)’s General Research Department, believes there is plenty of room for the country to boost exports in the near future due to the COVID-19 pandemic being brought under control in several major Vietnamese export markets, including the United States and the EU.

Furthermore, as one of the country’s crucial export markets, China has also been enjoying a strong recovery in the post-pandemic period, a factor which is expected to offer fresh impetus for the expansion of exports moving forward.

Moreover, there are also bright prospects ahead for the country’s exports of electronics as they strive to bounce back due to large corporations like Apple and Samsung projecting that smartphone consumption will enjoy positive signs ahead in the second half of the year, Duong noted.

Despite the nation recording a trade deficit of US$7.7 billion during the first half of the year, it should not be considered a matter of concern due to the country importing goods mainly for production and export activities, Duong added. 

Tran Thanh Hai, deputy director of the Import-Export Department under the Ministry of Industry and Trade, pointed out that Vietnamese COVID-19 containment efforts in industrial parks situated in pandemic-hit localities such as Bac Ninh and Bac Giang have served to restore production activities at factories there.

In addition, the country’s relentless efforts in deploying its vaccination campaign and the effective enforcement of free trade agreements (FTAs), especially new-generation FTAs, are expected to accelerate import-export activities in the near future, according to economists.

VOV

Import-export turnover likely to hit US$600 billion this year (vov.vn)