Vietnam trade to climb to record high despite global woes

By Nguyen Hoai December 13, 2019 | 12:43 am PT

Shipping containers are seen at a port in Hai Phong City, northern Vietnam. Photo by Reuters/Kham.

Vietnam’s foreign trade is set to rise to a record $500 billion this year despite a slowing global economy.

It had reached $473.73 billion in the first 11 months, Deputy Minister of Industry and Trade Do Thang Hai said at a press briefing on Thursday. Exports were worth $241.42 billion, a 7.8 percent rise, while imports rose 7.4 percent to $232.31 billion.

The share of exports by domestic firms rose by 1.79 percentage points year-on-year to 30.95 percent. Their export growth was 18.1 percent, almost five times the 3.8 percent achieved by foreign companies, Hai said.

Exports to Mexico and Canada rose by 29.5 percent and 27.2 percent respectively thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he added.

Nguyen Cam Trang, deputy head of the trade ministry’s import-export department, said there would be a trade surplus for the fourth straight year.

Vietnam had a surplus of $7.2 billion in 2018, the highest in a decade.