Vietnam among markets driving future trade growth

Vietnam recorded 299.67 billion USD in exports and 299.45 billion USD in imports in the first 11 months of this year. (Photo: VNA)

Hanoi - A recent research by Standard Chartered has listed Vietnam among the 13 markets driving future trade growth, and with its enhanced integration into the global economy, the country is holding numerous advantages for bolstering export, the Cong Thuong (Industry & Trade) newspaper said.

In its research, titled “Future of Trade 2030: Trend and markets to watch”, the bank forecast Vietnam will record an average annual exports growth rate of 7 percent to earn 535 billion USD in revenue in 2030.

Notably, up to 41 percent of the global firms surveyed by Standard Chartered are operating in Vietnam or planning to invest in the country in the next five to 10 years.

The US and China will remain the largest export markets of Vietnam, respectively accounting for 26 percent and 19 percent of the Southeast Asian country’s total exports by 2030. Meanwhile, shipments to India are also projected to grow fast, by 11 percent annually between 2020 and 2030.

With growing international trade, Vietnam is emerging as an important production base. The sectors with great contributions to exports from now to 2030 include machinery - electrical equipment, textile - garment, and agriculture - food, respectively making up 40 percent, 21 percent, and 15 percent of total exports.

Cong Thuong cited experts as saying that with an abundant workforce, the proximity with large supply chains, and open policies for foreign direct investment, Vietnam is establishing itself as a production hub of the world and attracting foreign enterprises.

The enhanced integration into the global economy via free trade agreements (FTA) like the EU - Vietnam FTA, the UK - Vietnam FTA, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP) is giving the country numerous advantages for boosting overseas shipments.

In the first 11 months of 2021, Vietnam recorded 299.67 billion USD in exports and 299.45 billion USD in imports, respectively rising 17.5 percent and 27.5 percent year on year, according to the General Statistics Office.

Given this, total trade turnover this year will surpass 600 billion USD, a demonstration of tireless efforts by the Government, ministries, sectors, localities, and businesses to weather COVID-19 impacts, according to the newspaper.