Vietnam’s exports soared 16.1 percent year on year to $216.35 billion

Vietnamese garment-textile exporters expect to earn $45.7 billion this year amid decent business since the year started and positive market developments. As of mid-July, garment-textile was among the four sectors posting high export revenues, with a record of $20.4 billion, up by 19.7 percent year on year (YoY), according to the general department of Vietnam customs. There was a trade surplus of US4 million in the first seven months as exports soared 16.

1 percent year on year to $216.35 billion.

According to data from the General Statistic Office, imports rose by 13.6 percent to $215.59 billion. Last year, Vietnam had a trade deficit of .

31 billion in the same period. Mobile phones and components remained the top export item, with their value going up 13.

1 percent to $33.7 billion. Electronics, laptops, and components were second at .

7 billion, followed by equipment and spare parts at $24.9 billion. Garment and footwear exports jumped by nearly 20 percent each to $22.1 billion and $14.1 billion.

Increased market access through free trade agreements (FTAs_ and technology are major growth drivers for the garment and textile industry.

Vietnam’s bilateral and multilateral FTAs continue to provide Vietnamese manufacturers access to new markets, minimizing the effect of growing trade protectionism. With new FTAs in effect, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Vietnam-EU FTA (EVFTA), new markets will lead to higher exports and push manufacturers to develop the industry’s supply chain so that they can take full advantage of the preferential tariffs and increase the competitiveness of their products.