Live Breaking News & Updates on Us Protectionism Asia Pacific

22 January 2021
Authors: Nguyen Khac Quoc Bao and To Cong Nguyen Bao, UEH
A surge in exports is a major factor in 2.91 per cent GDP growth that Vietnam experienced in 2020. Strong trade and economic growth are a result of the country’s successes in controlling COVID-19 and the rapid execution of balanced support packages for its economy.
There was a record overall trade surplus of US$19.1 billion in 2020. The United States and China are the two largest export markets, by 24.5 per cent and 17.1 per cent respectively over this period, with total trade of US$76.4 billion and USD 48.5 billion. Vietnam’s exports to the United States are soaring, with a trade surplus of US$62.7 billion compared to US$10.5 billion in 2010 whereas Vietnam still has a trade deficit with China at US$35.4 billion. ....

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