Vietnam-Asean trade up 7-fold in 20 years
Friday, August 11,2017AsemconnectVietnam - Vietnam Customs’ report also notes Vietnam has never recorded a trade surplus with the bloc since joining in 1996.
Total export turnover between Vietnam and Asean countries has increased seven-fold in the 20 years since Vietnam became a member of the bloc, according to a recent report from the general Department of Vietnam Customs summarising VietnamAsean trade over the two decades.
Asean has continually been an important trading partner of Vietnam and the bilateral trade relationship has been growing.
Trade value increased 12.3 per cent annually between 1996 and 2006 and 8.1 per cent each year from 2007 to 2016.
Total export turnover stood at $41.49 billion in the 20-year period, accounting for 11.8 per cent of Vietnam’s total trade.
Exports of goods from Vietnam to Asean in 2016 reached nearly $17.45 billion, down 4.4 per cent over 2015. Imports from Asean reached $24.04 billion, up 1 per cent.
Vietnam has never recorded a trade surplus with the bloc since joining. In its first year, 1996, the deficit was $745 million, and last year stood at $6.59 billion.
Asean was the largest trading partner of Vietnam in 1996 and 20 years later is the fourth largest partner, after the US, the EU, and China.
Among Asean countries, Thailand is Vietnam’s largest trade partner, with turnover of $12.54 billion in 2016, followed by Malaysia with $8.51 billion, up 30-fold over the 20-year period.
Singapore was third, with trade in 2016 reaching $7.16 billion, accounting for 17.3 per cent of total trade between Vietnam and Asean.
Bilateral trade with Indonesia in 2016 reached $5.61 billion, accounting for 13.5 per cent of total trade. Vietnam posts a trade surplus with Cambodia, the Philippines, Laos, and Myanmar.
Source: Intellasia.net
Vietnam to play a greater role in global commodity exchanges
Vietnam, WTO agree to promote multilateral trading
DAILY: Vietnamese pepper prices decreased by 500 VND on May 19
Reference exchange rate up 8 VND on May 19
DAILY: Vietnamese coffee prices remained unchanged on May 19
Seafood export markets in first 4 months of 2023
Rice exports reached nearly 1.53 billion USD in first 4 months of 2023
Vietnam eyes stronger economic cooperation with China’s Guangdong province
FDI sector posts over 14 billion USD in four-month trade surplus
Reference exchange rate up 6 VND
Vietnam - US trade exchange declined in four months
China was still important market for Vietnamese goods
Tea exports earn 50 mln USD in first four months of 2023
Exploring new markets expected to fuel foreign trade
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...