Vietnam s exports and imports posted double-digit growth in 2022 first quarter (Q1), rising to $176 billion a year-on-year rise of 14.4 per cent, said Tran Thanh Hai, deputy.
At Hai Phong port. (Photo: VNA) Some experts forecast that total export-import revenue can reach a record high of 700 billion USD this year so the Ministry of Industry and Trade (MoIT) has been taking drastic measures to improve how market information are being provided to exporters. Vietnam’s foreign trade rose by 176 billion USD in Q1, a year-on-year increase of 14.4 percent, according to Tran Thanh Hai, Deputy General Director of the Agency of Foreign Trade. Exports alone expanded by 12.9 percent during the period. The country enjoyed relatively high growth in agricultural product shipments, at 18 – 19 percent, he noted, adding that some key exports such as coffee, rice and aquatic products saw even higher growth of up to 50 percent. Hai attributed the surges to great benefits brought by new-generation free trade agreements (FTAs), particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam Free Trade Agreement (EVFTA), UK-Vietnam
The Vietnam National Trade Repository is launched on March 30. (Photo: VNA) According to the ASEAN Trade in Goods Agreement (ATIGA), each member country will build its own national trade repository which will be connected with the ASEAN Trade Repository (https://atr.asean.org/) so as to ensure policy transparency, facilitate regional trade, and support businesses. The VNTR, at https://vntr.moit.gov.vn, was developed by the MoIT with support from the British Government. The portal provides updated trade information in both Vietnamese and English, including the schedules of tariff commitments in the free trade agreements (FTAs) that Vietnam has joined within the ASEAN framework, non-tariff measures, legal documents on trade, and customs clearance rules and procedures. It also introduces the best trade facilitation practices applied by ASEAN members, along with the lists of businesses given priority in handling tax, export, import, and customs clearance procedures in the member countries
The Vietnam-Australia partnership is on the right track with effective economic, trade and investment cooperation in the recent years, but with nearly 2 billion USD in 550 projects as of the end of 2021, Australian investment in Vietnam has not matched potential, according to Assoc. Prof. Chu Hoang Long from the Australia National University.