Despite the effects of the pandemic, Vietnam’s exports last year not only posted positive results but also helped the country become the 22nd-largest exporter in the world, according to the General Statistics Office (GSO).

Total trade turnover of goods reached $668.5 billion, a 22.6 per cent increase year-on-year. Exports were $336.25 billion, up 19 per cent, and imports $332.25 billion, up 26.5 per cent. Thirty-five items posted export turnover of over $1 billion, accounting for more than 93.8 per cent of total export turnover, of which eight items exported over $10 billion, or 69.7 per cent.

Trade turnover of the group of computers, electronic products, and components reached nearly $127 billion. The processing and manufacturing industry continued to be the driving force of growth, recording exports of $299.85 billion, up 19.7 per cent year-on-year and accounting for more than 89.1 per cent of the country’s export turnover.

According to Mr. Andrew Jeffries, Director of the Asian Development Bank (ADB) in Vietnam, Asia will see remarkable export recovery and Vietnam will continue to take advantage of the opportunities to boost exports. Vietnamese businesses need to seize these opportunities to increase exports this year and improve goods quality to penetrate into larger markets.

In order to maintain export momentum and overcome the challenges ahead, Vietnam will make use of FTAs to develop logistics services and reduce operating costs in transport infrastructure, etc., to assist enterprises participating deeply in import and export activities, according to Minister of Industry and Trade Nguyen Hong Dien.