Foreign trade revenue quadruples in decade of WTO membership

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Báo Dân Trí English - 2 month(s) ago 3 readings

Vietnam’s import-export revenue has increased four-fold in the past decade after joining the WTO, the General Department of Customs reports.

Vietnam’s import-export revenue has increased four-fold in the past decade after joining the WTO, the General Department of Customs reports.

Vietnam’s import-export revenue has increased four-fold in 10 years

According to the General Department of Customs, under the Ministry of Finance, the end of 2016 marked 10 years of Vietnam’s WTO membership. Total import-export revenue reached over USD350.74bn, four times higher than 2006's USD84.7bn.

The revenue reached USD100bn after the first year of joining WTO in 2007 and USD300bn at the end of 2015. Foreign trade growth reached 200% from 2007 to 2012. The growth rate was 150% from 2012 to 2015 and 116% from 2015 to 2016.

The General Department of Customs said the growth rate proved that the local economy was very open and Vietnam had successfully exploited its advantages to boost businesses domestically and internationally. According to the department, the rate of the openness of Vietnam market increased from 144% in 2007 to 173% in 2016.

From 2012, huge import surplus ceased to exist and Vietnam started to have export surplus in two years. In 2015, Vietnam recorded a USD3.6bn import surplus. However, in the following year, it enjoyed a USD2.5bn export surplus.

In 2016, it exported products to 28 markets and imported from 21 markets. It had USD28bn and USD1.78bn of import surplus from China and Malaysia respectively. On the other hand, the US and the Netherlands among other countries are Vietnam's biggest customers. It had USD29.75bn export surplus to the US alone.

However, many key products have faced challenges and saw dwindling export volumes last year, such as coffee beans, crude oil and rice.

Electronic products, machinery and footwear helped boost revenues but depend on FDI firms. The department said added value in the economy was still low and FDI firms were not engaged in transferring technology.

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