Vietnam’s import-export revenue tripled after 10 years of joining WTO

14.02.2017

The import and export activities of Vietnam have seen many changes after a decade of being a member of the World Trade Organisation (WTO) with import-export revenue increasing threefold compared to 2007.

According to the Vietnamese Customs office, the total import-export revenue of Vietnam in the first year of joining the WTO rose by 31.3% compared to 2006. After ten years, the import-export revenue climbed to US$350.7 billion, over three times higher than the number reported in 2007.

In addition, Vietnam’s balance of trade shifted from large deficit in the 2006-2011 period to surplus or small deficit in recent years.

The structure of import and export goods also saw positive changes with the decrease in the proportion of agricultural products, fuel and minerals and the rise in the import of raw materials for production, machinery, and components.

The development of Vietnam’s foreign trade was also demonstrated through the global ranking of trade transactions over the past years. In 2006, the Vietnam’s export and import of goods ranked 50th and 44th respectively worldwide and in 2015, the export of goods climbed to 27th while the import ranked 28th among countries and territories across the world.

Source: Vietnam.net     

Photo: WTO