Vietnam's Exports to Hit US$70 Billion By Year End - Vietnam Briefing News
HANOI, Oct. 27 – Vietnam generated US$57.8 billion in export revenues over the first 10 months of the year, a 23.3 percent year-on-year increase, Deputy Minister of Industry and Trade Nguyen Thanh Bien said at a meeting in Hanoi on Tuesday.
Bien announced at the meeting that this is likely to continue, resulting in total annual export revenues hitting the US$70 billion mark by the end of the year.
Vietnam’s processing industries are leading the way, with steel, chemical, and rubber products grossing nearly US$40 billion so far this year. Seafood and farm produce have also reported strong growth, rising 18 percent year-on-year to roughly US$12 billion.
After recording a trade deficit in the first eight months this year, Vietnam has run a trade surplus since September. Accordingly, the country’s trade deficit of 23.4 percent over the first four months of the year has fallen to 16.45 percent over the whole 10-month period.
Import values are also not expected to increase sharply in the remaining two months of the year and are likely to stand at US$82.5 by year end, resulting in a yearly trade deficit of approximately US$12.5 billion, according to Phan Van Chinh, head of the Ministry of Industry and Trade’s Import and Export Department.