Vietnam to Reap US$24.5 Bln from Exports to Asia This Year

The fast-growing economy of Vietnam is forecast to have fetched US$24.5 billion from goods exports to Asia this year, up 17 per cent on-year, according to the Ministry of Industry and Trade (MoIT).

 

Though the exports to Asian markets still make up a large proportion of the country’s total export value, estimated at 50.93 per cent in the year, it is predicted to decline, especially in major export markets of China and ASEAN, said the ministry.

 

Farm produce, seafood, apparels, and electric wires and cables are Vietnam’s staple exports to Asia.

 

The ministry added that the country’s trade deficit with Asia also shrank thanks to its export growth. The MoIT, however, has not announced any detailed figures.

 

The MoIT has recently raised the country’s export value target to US$48.1 billion this year, up 21.46 per cent on-year.

 

Initially, the ministry estimated Vietnam’s exports at US$47.5 billion this year, up 20 per cent on-year and its imports at US$52.2 billion, up 17.5 per cent.

 

It is estimated that Vietnam will incur a big trade deficit of US$14.25 billion next year, up 58.33 per cent on-year, because the country will import more material and equipment, machinery for energy and other big projects, said the MoIT’s recent report. (Vneconomy.com.vn)