Vietnam exported goods worth US$8.21 billion to the Americas in January and spent US$1.64 billion on imports from this market, resulting in a trade surplus of US$6.56 billion, according to the Ministry of Industry and Trade (MoIT).
The EU–Vietnam Free Trade Agreement (EVFTA) has set the scene for surging exports to the EU, resulting in an expansion in demand for logistics services that promises a better outlook for the industry and the Vietnamese market, heard a recent Hanoi talk show.
Vietnam saw a strong growth in both imports and exports in the first six months of the year. Exports in the first half of the year are estimated at US$185.5 bln, up by 17% compared to the same period in 2021.
The exports of aquatic products are expected to fetch 2.8-3 billion USD in the second quarter, a year-on-year increase of 36-38 percent, thanks to the strong growth of key products, according to Le Hang, deputy director of the Vietnam Association of Seafood Exporters and Producers (VASEP)’s Training and Trade Promotion Centre.
The US is a potential market for Vietnamese fruit and vegetable exports thanks to the diverse distribution system along with a 3-million-strong overseas Vietnamese community, according to the Vietnamese Trade Office in the US.
The trade balance of goods in July is estimated to have a trade surplus of US$1 billion. In the first seven months of this year, the trade balance saw a trade surplus of $6.5 billion, of which, the domestic economic sector had a trade deficit of $11.1 billion, and the foreign-invested sector, including crude oil, recorded a trade surplus of $17.6 billion.
Mr. Tran Tuan Anh, Minister of the Ministry of Industry and Trade (MoIT), said that after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect in early August, Vietnam's agro-forestry-aquatic products can access a potential market with more than 500 million people and gross domestic products of over US$18 trillion.
Amid several difficulties due to the Covid-19 pandemic and decreasing oil price that have caused many countries to fall into a crisis, the fact that Ho Chi Minh City still managed to post positive economic growth in the first six months of this year is a miracle, said Mr. Huynh Van Hung, Director of the Department of Statistics of HCMC, at a press conference to announce the city’s socio-economic data in the first six months of this year.
Chinese authorities might strengthen food safety inspection, supervision, quarantine testing, and traceability on imported agricultural and aquatic products that will possibly affect the progress of customs clearance of goods at border gates between Vietnam and China.
The application of Global Standard One (GS1) number and bar coding is significant to getting to grips with food traceability and safety, said Nguyen Hoang Linh, Deputy Head of the Directorate for Standards, Metrology and Quality under the Ministry of Science and Technology.