Illustrative image (Photo: baodautu.vn)According to the General Department of VietnamCustoms, in the first eight months of this year, the country’s export revenuestood at 213.52 billion USD, up 21.8 percent year-on-year.
Based on the eight-month performance, together withthe latest market situation, economists have drawn up two scenarios forVietnam’s exports in the remaining months and the whole year.
Under the first scenario when the COVID-19 pandemicis put under control in October, the export value for the remaining four monthsof the year would reach 108.8 billion USD and 322 billion USD for the entire year,up 14.3 percent from last year.
Meanwhile, under the second scenario when thepandemic is only contained at the end of the year, the revenue is projected togo down 4.4 percent to 102.7 billion USD in the four-month period, and total 316billion USD for the year, an increase of 11.8 percent.
The projected value of 316 billion USD in the secondscenario is still higher than the record 315 billion USD last year, andrepresents a double-digit rise year-on-year.
The country recorded a trade deficit of over 2.6billion USD in the past eight months, partially due to the impact of COVID-19and social distancing imposed in many cities and provinces, including majoreconomic centres, along with shortcomings in domestic support industries andlimitations in the control of product origin.
Vietnam ran the largest trade deficit with China,the Republic of Korea (RoK), Taiwan (China), Thailand, Indonesia and Malaysia.Specifically, Vietnam’s trade with Cambodia shifted to a deficit.
To boost exports in the remaining months, it is amust for Vietnam to contain COVID-19 and ensure the circulation of goods,particularly exports.
Vietnam also needs to enhance support industries, assistfirms operating in for-export production and business in the form of financialmechanisms and policies to promote startups and reduce the number of suspendedand dissolved enterprises, and restructure import markets, experts said./.
VNA
