The average export turnover was US$37.4 billion per month, of which May and June reached more than US$39.5 billion each. In July alone, export turnover is expected to post the highest monthly figure so far this year at over US$41.6 billion.

Meanwhile, the country spent US$252.1 billion on imports over the past seven months, an annual rise of 17.9%. The high import growth reflects the recovery of production and export activities, prompting businesses to ramp up the import of raw materials for fulfilling export orders.

As a result, Vietnam recorded a trade surplus of approximately US$9.7 billion during this period. Although the amount is lower than the US$12.6 billion surplus seen in the same period last year, maintaining a moderate trade surplus helps improve foreign exchange reserves, stabilise monetary policy, and promote sustainable trade development in the medium and long term.

Nguyen Anh Son, director general of the Department of Foreign Trade, stated that in the context of global integration, enterprises need to grasp trade policies, proactively update technical barriers from import markets, improve product quality, invest in technology, and apply digital transformation to meet international standards.

Minister of Industry and Trade Nguyen Hong Dien requested the Ministry’s competent agencies to perfect mechanisms and policies, whilst also helping domestic enterprises to participate in the production and supply chains of foreign-invested enterprises (FDI) and large global enterprises, creating markets for industrial growth.

He also emphasised the importance of timely market intelligence, particularly for emerging and potential markets, and urged agencies to provide up-to-date information on market demands, new regulations, and policy consulting for enterprises, associations, and export-import sectors.

Vietnamese exports struggle amid growing trade defence barriers

VOV.VN - Vietnamese exports are increasingly facing technical barriers as the European Union has recently adopted stricter standards, requiring businesses to equip themselves with thorough knowledge of new regulations and proactively enhance their production capacity.