Despite the impact of the pandemic, the Vietnamese ministry of industry and trade (MoIT)recently forecast that the country’s total trade value this year may hit $640-645 billion, with a slight trade surplus. Major industries like textiles, garments, leather and footwear are on track to achieve their business targets earlier than expected, it said.

In particular, industries with high exports, such as phones, electronics, machinery and components, are likely to post export growth rates of between 15 per cent and 25 per cent this year, it said.

According to the ministry, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU Trade Agreement (EVFTA) have had positive effects on the national export activities, especially in markets that did not have free trade agreements with the country before.

Thanks to the CPTPP, which came into effect three years ago, exports of goods to Canada, Mexico and Peru have all grown by 25-30 per cent annually.

The biggest difficulty facing local enterprises now is a shortage of labour. Enterprises in south Vietnam are facing difficulties in facilitating a return for workers who have left the region, without which they cannot restore cent per cent of their production capacity, according to Vietnamese media report.

The ministry hopes that the pandemic prevention measures strike the right balance between ensuring people's safety and not affecting the production and trade activities of businesses.

Vietnam’s trade value surged by 22.3 per cent year on year in the first 11 months of this year to exceed $599.1 billion, according to the General Statistics Office.

The country exported commodities worth nearly $299.7 billion in the past 11 months, up by 17.5 per cent from a year earlier.

The United States and China will continue to be the country’s largest export markets, respectively accounting for 26 per cent and 19 per cent of its total export turnover by 2030.

By Fibre2Fashion
https://www.fibre2fashion.com/news/international-textiles-trade-news/vietnam-s-trade-revenue-projected-to-hit-640-645-bn-in-2021-moit-277800-newsdetails.htm