Vietnam recorded a trade surplus of 4 billion USD in 2021 (Illustrative photo: vneconomy.vn) Statistics show that tradeturnover hit 668.5 billion USD in 2021, rising 22.6 percent from the previousyear. Notably, exports increased 19 percent, helping maintain a trade surplusfor the sixth consecutive year, the Cong Thuong (Industry & Trade)newspaper reported.
Shipments to the marketshaving FTAs with Vietnam posted growth last year, including China (15 percent),the US (24.2 percent), the EU (14 percent), ASEAN (25.8 percent), the Republicof Korea (15.8 percent), India (21 percent), New Zealand (42.5 percent), andAustralia (3.1 percent).
In particular, thenew-generation FTAs such as the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP), the EU - Vietnam FTA (EVFTA), and the UK -Vietnam FTA (UKVFTA) are being enforced comprehensively and effectively.
After over a year ofimplementation, the EVFTA has proved its considerable contribution to bilateraltrade and Vietnam’s growth, the newspaper wrote, citing the Ministry ofIndustry and Trade (MoIT) as saying that last year’s exports to the EU stood ataround 40.07 billion USD, up 14 percent.
Likewise, the UKVFTA hashelped keep Vietnam - UK trade uninterrupted amid Brexit. Bilateral tradeapproximated 6.6 billion USD, with exports up 15.4 percent and imports 24.1percent, in 2021.
Nguyen Canh Cuong,Minister-Counsellor at Vietnam’s trade office in the UK and Ireland, said amidthe decreased market demand caused by the COVID-19 pandemic and the globalshortage of containers, the export achievement by Vietnamese firms could bedescribed as a “miracle” in which the UKVFTA acted as a catalyst.
Thanks to the CPTPP, thecountry also saw double-digit growth in shipments to Canada (19.5 percent) andMexico (46.1 percent), with which this is the first time Vietnam has an FTA.Meanwhile, exports to Peru, a small but potential market, also surged 84.3percent.
Cuong noted that the UKVFTAhas given enterprises of Vietnam more competitive edges. If they can sustainpartners’ trust, fulfil delivery commitments, and ensure product quality,Vietnamese goods will have an expanding market share in the UK in the timeahead.
An official from the MoIT’sForeign Trade Agency held that to enhance farm produce’s competitiveness in theEU, businesses should pay more attention to product quality, food safety,technical barriers, rules of origin, and brand development.
In 2022, bilateral andmultilateral FTAs, including the Regional Comprehensive Economic Partnership(RCEP) that took effect on January 1, will continue to give an impetus toVietnam’s economic growth.
Experts said to go faster andfarther, the prerequisites are businesses’ efforts and proactiveness to improvetheir competitiveness, make innovation, and seize opportunities in the newcontext, Cong Thuong reported./.
VNA
