From the milestone of 100 billion USD in 2007 when Viet Nam joined the WTO, its import and export turnover has continuously increased and conquered many new milestones. This year, this indicator reached 900 billion USD for the first time.

On the afternoon of December 25th, the Customs Department ( Ministry of Finance ) held a ceremony to officially mark Viet Nam's import and export turnover reaching the 900 billion USD mark. This 900 billion USD figure is the highest ever, marking a significant milestone in the country's trade activities.

Mr. Nguyen Van Tho, Director of the Customs Department, stated that this year the global and regional situation is complex. Strategic competition between major economies has increased, and the US's imposition of retaliatory tariffs has affected the flow of goods, production activities, and global import and export.

Domestically, numerous natural disasters, storms, and floods have occurred consecutively, directly impacting production and business activities and significantly affecting economic growth.

"However, despite those difficulties, the Vietnamese economy still achieved many positive results, most notably the total import and export turnover reaching the 900 billion USD mark for the first time – the highest level ever," Mr. Tho said.

Notable milestones in import and export

According to the Viet Nam Customs Department, Viet Nam first recorded a trade turnover of US$100 billion in 2007, the year it officially joined the World Trade Organization (WTO). Since then, merchandise trade has continuously grown and successively conquered new milestones: US$200 billion in 2011, US$300 billion in 2015, US$400 billion in 2017, US$500 billion in 2019, and US$700 billion in 2022.

This year, total import and export turnover continues to set a new record with a milestone of 900 billion USD. The Customs Department estimates that the total value of Viet Nam's imports and exports this year will reach approximately 920 billion USD, an increase of more than 133 billion USD compared to the previous year. Of this, export turnover is estimated at 449.41 billion USD, while import turnover is approximately 470.59 billion USD.

According to the Customs Department, in recent years, thanks to the outstanding growth of the computer, telephone, electronic product and component sectors, FDI enterprises have achieved impressive import and export results.

Another record was set when the total value of goods exports and imports by FDI companies exceeded $600 billion for the first time this year, reaching approximately $663 billion, a 25% increase compared to the previous year and accounting for 72% of the country's total export and import value.

With these results, it is projected that FDI enterprises will contribute up to 99% of Viet Nam's total import and export growth. Meanwhile, domestic enterprises will maintain almost the same value as the previous year, expected to reach approximately $257 billion.

China and the US account for 46% of Viet Nam's import and export turnover.

According to the Customs Department, Viet Nam currently has trade relations with more than 230 countries and territories, including 34 export markets and 24 import markets with trade exceeding $1 billion.

China was Viet Nam's largest trading partner last year, with bilateral merchandise trade estimated at $252 billion, a 26.5% increase year-on-year. The United States ranked second with $170 billion, also up 26.5%. Notably, Viet Nam became the eighth largest trading partner of the United States and the fourth largest export market for the US in the ASEAN region.

Thus, the total value of exports and imports between China and the US is $422 billion, accounting for 46% of the country's total export and import value. In addition, these two markets contributed $82 billion, representing 62% of the country's overall export and import growth.

Regarding export markets, this year, it is estimated that up to 6 markets and 2 market regions achieved export turnover exceeding 10 billion USD. These are the US, China, South Korea, Japan, Hong Kong (China), India, the EU (27 countries), and ASEAN. In total, the export value of this group of markets reached 398.19 billion USD, accounting for 84.6% of the country's total export value.

Regarding import markets, it is estimated that there are 5 markets and 2 market regions with import turnover exceeding 10 billion USD. These are China, South Korea, Taiwan (China), Japan, the United States, the EU (27 countries), and ASEAN. In total, the import value of this group of markets reached 388 billion USD, accounting for 86% of the country's total import value.

Source: DTiNews