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Vietnam 2022 exports to rise 9.46% to $368 billion: ministry

Vietnam 2022 exports to rise 9.46% to $368 billion: ministry

Tuesday, August 23, 2022, 21:05 GMT+7
Vietnam 2022 exports to rise 9.46% to $368 billion: ministry
Labourers work at Hung Viet garment export factory in Hung Yen province, Vietnam December 30, 2020. Photo: Reuters

HANOI -- Vietnam's exports are forecast to rise 9.46 per cent this year to $368 billion, the trade ministry said, with the manufacturing hub expected to benefit from newly-signed trade deals despite economic headwinds in its major markets.

The Southeast Asian country has signed more than a dozen free trade agreements in recent years, including one with the European Union and an 11-country CPTPP deal that will slash tariffs across much of the Asia-Pacific.

"Businesses have benefited from the free trade agreements to boost exports," the ministry said in a statement late on Monday.

Vietnam's exports in the January-July period rose 16.6 percent from a year earlier to $217.34 billion, while imports were up 14.0 percent at $216.26 billion.

"Demand for made-in-Vietnam products is forecast to increase further during the second half of this year," the ministry said. 

However, it warned that high inflation in many of Vietnam's key markets, including the United States and European Union, would crimp consumer spending there and hurt demand for Vietnamese products. 

Vietnam is an integral part of the global supply chain with around 75 percent of its total exports coming from firms financed by overseas investors, according to government data.

Its biggest export earners are smartphones, electronics and garments.

Reuters

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