The General Department of Customs has just issued an update on the total export value of Vietnam reaching the new milestone of 700 billion USD. This figure will be recorded on December 15, 2022 (By December 14, 2022, the export value is 698.5 billion USD).
A POWERFUL STEP FORWARD
Over the years, Vietnam’s commodity imports and exports have made a strong step forward in terms of size and speed. Vietnam’s total value of commodity imports and exports in 20 years (2002-2021) has reached 5,146 billion USD.
In particular, in 10 years from 2012 to 2021, the total import and export value of our country reached 4,110 billion USD, nearly 4 times the import and export of the previous 10 years combined.
Over the past two decades, Vietnam’s commodity imports and exports have successively reached the following milestones:
2001 was the first year of the 21st century recording the total value of Vietnam’s imports and exports at just over 30 billion USD.
After 6 years, by 2007, the total value of imports and exports of the country reached 100 billion USD, after Vietnam became an official member of the World Trade Organization.
Four years later, in 2011, the total value of imports and exports doubled, reaching 200 billion USD. By 2015, Vietnam’s imports and exports have also reached 300 billion USD.
The 400 billion USD mark of commodity imports and exports was recorded in mid-December 2017. The 500 billion USD mark was recorded in mid-December 2019. And the 600 billion USD mark was recorded on November 30, 2021.
A new 700 billion USD milestone will be recorded on December 15, 2022 (By December 14, 2022, the value of imports and exports is 698.5 billion USD).
The Customs accompanies and facilitates businesses. (Photo: Internet)
ACTIVELY MODERNIZE, ACCOMPANY, AND FACILITATE BUSINESSES
According to the World Trade Organization, in 2006, Vietnam’s economy was ranked 50th in the world in terms of commodity exports and 44th in terms of commodity imports.
After more than 10 years, by 2018, Vietnam has made an impressive step up, ranking 26th in exports and 23rd in imports. Accordingly, Vietnam is continuously in the group of 30 countries and territories with the largest import and export value on the global scale.
With a recent ranking in 2021, the World Trade Organization recorded Vietnam’s exports ranked 23rd and Vietnam’s imports ranked 20th in the world.
In ASEAN, Vietnam’s commodity exports rank second (after Singapore only) and its commodity imports rank second (after Singapore only). With the impressive results recorded in 2022, Vietnam’s ranking can be up globally.
Vietnam’s commodity trade balance reached a continuous surplus (super-export) after a long period of deficit (super-entry). Before 2012, Vietnam’s trade balance was continuously in a deficit state, the super imports amounted to billions of USD, reaching a peak of 18.02 billion USD in 2008.
But since 2012, the trade balance of our country has changed direction, shifting to a continuous surplus (super-export) (except in 2015, there was a deficit worth 3.55 billion USD). In 2020, our country’s trade balance has reached a record with a surplus of 19.94 billion USD.
Vietnam’s commodity exports and imports reached 700 billion USD in 2022. (Photo: Internet)
By the end of 2021, the trade surplus had fallen sharply, to just 3.32 billion USD. In the 11 months since the beginning of 2022, with the increase in the size of exports higher than imports, the balance of trade surplus has increased again, reaching 10.68 billion USD.
In 11 months from the beginning of 2022, the total value of exports and imports of foreign direct investment (FDI) enterprises reached 468.7 billion USD, up 12.1% compared to the same period in 2021.
Over the years, the United States has always been the largest export market and China has been Vietnam’s largest commodity import market.
From the beginning of the year to the end of November 2022, exports of goods to the US market reached 101 billion USD, up 17.7% (equal to an increase of 15.2 billion USD) compared to the same period in 2021.
On the opposite side, commodity imports originating in China reached 109.46 billion USD, up 10% (equal to an increase of 9.93 billion USD). Thus, exports to the US and imports of goods originating in China in 11 months of 2022 all exceeded the 100 billion USD mark, reaching a record level up to now.
The General Department of Customs said: To achieve the above results, the Government has instructed the Ministry of Finance to coordinate with other ministries and localities to focus on implementing synchronous solutions to promote institutional reform, administrative procedures reform, etc. Thereby, a business environment is created that is equal, open, transparent, and further facilitates the business community./.