Export value in the first two months surged by 8.4% year on year to US$39.08 billion, with US$20.85 billion recorded in February. The increase was attributable to strong export value growth of many products.
During the first two-month period, the nation imported goods valued at US$37.26 billion, a rise of 2.9% year on year.
According to the Ministry of Industry and Trade, the country could achieve export growth in the future when the Vietnam-EU Free Trade Agreement (EVFTA) enters into effect as of July 2020. The EVFTA is poised to offer a good opportunity for businesses to gain entry into a market with a GDP of US$18 trillion in the time ahead.
However, Vietnam’s trade activities are forecast to face with numerous difficulties due to the COVID-19 epidemic, the ministry noted, while saying that If the situation prolongs,it would have bad impacts on the export growth goal set for this year.
The ministry is due to issue guidance to realize commitments of the EVFTA as a way of offering optimal conditions for businesses to capitalize on the trade deal to bolster exports.