The Ministry of Industry and Trade forecasts that import-export turnover may reach a record of $600 billion and the trade balance will be balanced by the end of this year.
According to data from the Import-Export Department (Ministry of Industry and Trade), in the first half of October, the country’s total import-export turnover reached more than $26 billion. In which, export reached 13.16 billion USD, import reached approximately 13 billion USD.
Accumulated from the beginning of the year to October 15, the import-export turnover of the whole country has reached more than 510 billion USD. In which, export reached 254 billion USD, import reached 256.5 billion USD. The trade balance is still in deficit of $2.45 billion.
According to the Ministry of Industry and Trade, the monthly trade balance has gradually turned to a trade deficit since the beginning of the second quarter. Up to now, the trade deficit has decreased gradually, the trade balance in August has a trade deficit of 100 million USD.
The ministry said that the trade balance will depend on the results of epidemic prevention and control. The reduction of the trade balance deficit depends on the results of production recovery, export promotion, and difficulties in goods production and circulation.
Previously, at the regular press conference of the Ministry of Industry and Trade in the third quarter of September 30, Deputy Minister of Industry and Trade Do Thang Hai informed that the Ministry is trying to support businesses to make good use of free trade agreements (FTAs). ) and implemented many administrative reforms to increase export turnover. This year, the Government assigned export growth at 4-5%, but the Ministry of Industry and Trade forecasts the possibility that export turnover may increase by over 10%.
This goal according to the Ministry of Industry and Trade is reasonable when a number of large export projects have been implemented recently. For example, LG Display Vietnam Hai Phong Company has increased its capital by 1.4 billion USD, bringing the total investment capital in Hai Phong to 4.65 billion USD, becoming the project with the largest investment capital in Hai Phong.
Regarding the trade balance, the Ministry of Industry and Trade forecasts that, if there is no major change in the epidemic, the last 3 months of the year will be the time when businesses in the southern provinces will regain their growth momentum. At the end of the year, the trade balance will be in balance. If the situation is more favorable, this year the whole country may have a trade surplus.