Vietnam posted positive trade performance in the first quarter of 2022 and exports are expected to grow strongly in the future, according to the General Statistics Office (GSO).

Total import and export turnover of goods reached $176.35 billion in the first quarter, up 14.4 per cent year-on-year, of which $88.58 billion was from exports and $87.77 billion from imports, up 12.9 per cent and 15.9 per cent, respectively. In March, total trade was estimated at $66.73 billion, up 36.8 per cent against February and 14.7 per cent year-on-year.

The US was Vietnam’s largest export market, with turnover estimated at $25.2 billion, while China was the largest source of imports, with turnover estimated at $27.6 billion.

According to the Ministry of Industry and Trade (MoIT), exports are expected to continue to develop strongly due to the recovery of the global economy, the implementation of free trade agreements (FTAs), and the wave of investment being shifted to Vietnam by foreign corporations, while the country’s economic recovery package will help enterprises restore production and business activities.

However, trade activities, especially exports, will face rising production costs due to higher gasoline prices. The MoIT will therefore focus on providing businesses with export market information and take advantage of FTAs through global value chains to identify new markets.