Vietnam's trade surplus with Americas exceeds $100 billion

The year 2023 will continue to see challenges such as geopolitical conflicts, trade tensions, high inflation, and the risk of anti-dumping duties on Vietnam's export products, according to deputy Minister Do Thang Hai.

At the conference to deploy tasks for the year ahead at the European-American Market Department this week, deputy minister of Industry and Trade Do Thang Hai said that the trade surplus between Vietnam and the markets in the Americas region had reached a record of more than $102 billion last year.

The import-export turnover between Vietnam and the markets of the Americas in 2022 saw positive growth to reach $153.9 billion, up 10.7 per cent compared to 2021. In which, Vietnam's exports to America's partners reached $128.2 billion, up 12.4 per cent. Meanwhile, Vietnam's imports from America's partners reached $25.7 billion, up 3 per cent on-year.

Trade turnover between Vietnam and many major markets in the Americas region saw stable growth such as the United States up 11 per cent, Brazil up 6.6 per cent, Canada up 16.5 per cent, Mexico up 7.1 per cent, Chile up 9 per cent, and Argentina up 8.3 per cent.

For the US market, the total bilateral trade turnover reached approximately $123.86 billion, up 11 per cent compared to 2021. Vietnam's exports to the US hit $109.4 billion, up 13.6 per cent compared to 2021.

Thanks to the positive effects of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Vietnam - Chile Free Trade Agreement, trade turnover between Vietnam and Canada, Mexico, Chile and Peru in 2022 reached $15.2 billion, up 10.9 per cent compared to 2021. In which, Vietnam's exports to the group reached $13.1 billion, up 8.7 per cent, and imports reached $2.1 billion, up 26.9 per cent.

Additionally, trade turnover between Vietnam and another important market area, the bloc ​​comprising Argentina, Brazil, Paraguay, and Uruguay, grew by 9.2 per cent, reaching more than $12 billion. In which, Vietnam’s exports reached more than $3.3 billion, up 3.4 per cent, and imports reached $8.7 billion, up 11.6 per cent.

Deputy Minister Do Thang Hai said that 2023 would continue to see challenges such as geopolitical conflicts, trade tensions, the risk of inflation, and the risk of imposing anti-dumping duties on Vietnam's export products.

Therefore, it is necessary to closely monitor the market situation, and propose solutions to maintain and develop the market, he said. The European-American Market Department also needs to focus on researching, analysing, and updating policy changes in countries that are likely to affect our economy, to develop appropriate economic and trade cooperation policies.

"The European-American Market Department needs to promote the implementation of FTAs and economic-trade cooperation frameworks with countries, as well as research, consult, and negotiate new bilateral and multilateral cooperation," said Hai.

He also emphasised that the department needed to coordinate well with Vietnam's trade offices abroad to support connecting businesses, maintain a stable supply of raw materials for domestic manufacturing industries, and attract investment, especially in the fields of high-tech, and core technology.

Vietnamese goods have opportunities to penetrate deeper into the markets of countries in the European-American region, improving business competitiveness in the global production and supply chain.

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