Vietnam's import-export revenue forecast to hit new record in 2021
The Ministry of Industry and Trade (MoIT) has forecast that total import-export revenue this year may reach a new record, at between 640 - 645 billion USD, with a slight trade deficit.
The ministry attributed the results to great efforts of the business community in overcoming difficulties from COVID-19 to maintain and recover production, especially those in the garment and textile, and leather sectors.
According to the ministry, by the end of this year, businesses can regain a growth rate like before the pandemic broke out. Sectors that are traditionally strong in export such as telephone, electronics, machinery and accessories are also likely to post export growth of 15-25 percent this year, it said.
The MoIT said that after three years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and one year of the EU-Vietnam Free Trade Agreement (EVFTA), those deals' positive impact on Vietnam's exports has shown clearly, especially in markets without any FTA with Vietnam before. For example, exports to Canada, Mexico and Peru have been increasing at 25-30 percent per year.
With the EVFTA, Vietnamese goods have enjoyed stronger competitiveness in the EU market thanks to preferential tariffs.
However, the ministry also pointed to major difficulties facing businesses, including labour shortage, especially in southern localities, as well as a lack of materials for production, high logistics cost, and restrictions from COVID-19 prevention and control measures./.