Topic: import

Vietnam the Latin American country’s sixth-largest trade partner.

South Korea was the largest import source.

A new milestone of nearly $700 billion was posted in Vietnam’s import and export value in the first eleven months amid ongoing global uncertainties.

Despite a trade surplus of $470,000 being posted from October 1 to October 15, total trade value was down 12.6 per cent in the period compared to September. Such results show that, as the end of the year approaches, signs of decelerating trade are becoming clearer in the context of rising inflation in most countries around the world. The Ministry of Industry and Trade is implementing a number of solutions to reach the trade target of over $750 billion in 2022 and to keep trade in surplus.

Ho Chi Minh City’s trade is still recording impressive growth despite Vietnam being affected by the troublesome global situation. A report from the city’s Department of Statistics shows that export turnover was $4.156 billion in September, an increase of 0.3 per cent compared to August, while import turnover in the first nine months was $48.764 billion, up 10.3 per cent year-on-year.

Southern Binh Duong province posted export turnover of $27.06 billion in the first nine months of 2022, up 11.9 per cent year-on-year, and import turnover of $19.21 billion, down 1.6 per cent. It therefore recorded a trade surplus of nearly $7.9 billion. Binh Duong has regularly been among the Top 5 cities and provinces with a trade surplus of $6 billion or more.

The Ministry of Industry and Trade issued a Decision on September 30 on the application of temporary anti-dumping measures on a number of table and chair products imported from China, with a tax rate of 35.2 per cent imposed on tables and 21.4 per cent on chairs.

Trade turnover reached over $558 billion in the first nine months of 2022, up 15.1 per cent year-on-year. Exports totaled $282.52 billion, up 17.3 per cent, and imports $276 billion, up 13 per cent. Trade was therefore in surplus, by $6.52 billion.

According to the Vietnam Logistics Business Association (VLA), logistics costs remain high despite adjustments to oil and gasoline prices, creating difficulties for Vietnamese businesses, especially importers and exporters. Analysts have suggested many solutions to ease logistics costs that are threatening the development of businesses and the economy.

Exports down in the first half of September compared to the second half of August, resulting in a trade deficit of $845 million.