Export and import turnover to ASEAN rises 26.1%

Sunday, 31/07/2022 15:00
Vietnam’s export and import turnover to ASEAN rose 26.1% in the first half of the year, according to the General Department of Customs

Photo for illustration. (Source: congthuong.vn)

Of this, export turnover reached 17.53 billion USD, a year-on-year rise of 26.1%, accounting for 9.4% of the country’s total export value.

Vietnam’s imports from ASEAN partners were valued at 24.43 billion USD, a year-on-year increase of 14.8%, making up 13.2% of the country’s import value.

Thus, in the first 6 months of the year, Vietnam had a trade deficit of nearly 7 billion USD from ASEAN countries.

Most goods imported and exported between Vietnam and ASEAN enjoy preferential tariff rates of 0% under the ASEAN Trade in Goods Agreement (ATIGA).

Major groups of import and export goods between Vietnam and ASEAN markets focus on electronics (phones and components; computers, electronic products and components); devices; agricultural products (cashew nut imports from Cambodia and rice exports to the Philippines); and CBU cars (mainly imported from Thailand and Indonesia).

ASEAN is considered a potential market area for Vietnamese businesses. With a population of more than 655 million people, of which more than 50% are of working age, the proportion of the population belonging to the middle class is increasing, and the ASEAN market has great potential for consumption./.