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Resuming the supply chain, import and export flourish

Statistics of the Vietnam General Statistics Office show that the export turnover of goods in October 2021 is estimated at 27.3 billion USD, up 1% over the previous month and up 0.3% over the same period last year.

In the first 10 months of 2021, the export turnover of goods is estimated at 267.93 billion USD, up 16.6% over the same period last year. And there are 31 items with an export turnover of over 1 billion USD, accounting for 92.4% of total export turnover in this period (there are 6 export items of over 10 billion USD).

Resuming the supply chain, import and export flourish - Sea Dragon Logistics 2

The United States is still Vietnam's largest export market with a turnover of 76 billion USD, up 21.9% over the same period last year. Next are China, EU, ASEAN, Korea, Japan.

In the opposite direction, the import turnover of goods in October 2021 is estimated at 26.2 billion USD, down 1.7% compared to the previous month and up 8.1% over the same period last year. In the first 10 months of 2021, the import turnover of goods is estimated at 269.38 billion USD, up 28.2% over the same period of the previous year.

Thus, the balance of trade performed in October is estimated to have a trade surplus of 1.1 billion USD. Generally, for 10 months of 2021, the trade balance of goods has a trade deficit of 1.45 billion USD.

According to the Ministry of Industry and Trade, taking advantage of  Free Trade Agreements (FTAs) to exploit new markets is one of the factors promoting export activities during the COVID-19 pandemic. For example, in the first 8 months of 2021, export turnover to 6 member countries that have ratified the CPTPP Agreement achieved high growth with 25.3 billion USD, up 16.9% over the same period. The number of the CPTPP Certificates of Origin (C/O) issued are 34,160 sets, worth $1.55 billion, up 67.6% in volume and 77.3% over the same period last year.

Besides, the traditional export markets such as the United States, Japan... started to recover, also creating opportunities for enterprises to increase export turnover.

In the domestic market, economic experts said that the easing of social distance thanks to the control of the Covid-19 epidemic in the country has helped economic activities to be bustling again. At the same time, the cooling of the pandemic also increased shopping demand at the end of the year, especially for Vietnamese products with competitive advantages, is an opportunity for exports to recover. In addition, the lead localities in export activities such as Hanoi and Ho Chi Minh City also implemented economic recovery scenarios under the direction of the Government. As a result, the export turnover of these localities has continuously improved recently.

"If the pandemic continues to be well controlled, hopefully, the last 3 months of 2021 will be the time for businesses regaining the growth momentum, especially those in the southern region. And if it is more favorable, we can continue to trade surplus in 2021." Deputy Director of the Import-Export Department - Ministry of Industry and Trade.

To support domestic enterprises to boost exports, the Ministry of Industry and Trade is implementing many solutions. As follows:

_ Support businesses to effectively exploit advantages from the FTA that has taken effect, which creates conditions for Vietnamese goods to penetrate markets with preferential tariffs.

_ Guide enterprises to focus on small and niche markets.

The Ministry of Industry and Trade has also worked with the Chinese Embassy to facilitate the cross-border export of goods in the north region.

The Ministry of Industry and Trade affirmed that it is and continues to implement many solutions to support businesses and promote exports. However, quickly restoring production and boosting exports is still the fundamental solution of reducing the trade balance deficit and moving towards a trade surplus in the near future. The significant condition to do this solution is that ministries, branches, and localities need to focus on epidemic control associate measures to remove difficulties for the production and circulation of goods.

Source: SEA DRAGON INTERNATIONAL LOGISTICS