Vietnam's foreign trade positive in H2 2021
Nguyen Anh Duong, from the Central Institute for Economic Management (CIEM), said the US, the EU and China, which are among Vietnam's biggest customers have begun to bring Covid-19 under control.
"Apple and Samsung all predicted a positive last six months of 2021. This shows the global economy has started to recover and a good sign for Vietnam's electronic exports," Duong said.
Vietnam experienced a trade deficit of 1.47 billion in the first half of 2021. However, Duong said room for improvement and growth were still possible.
"New tourism models will be created for the new normal amid the pandemic and logistics and infrastructure projects will be realised to boost transportation. These will help the service sector recover very quickly in the last half of 2021," Duong said.
There are worries that since Covid-19 has been detected in key industrial zones and factories in Bac Ninh, Hai Duong and Dong Nai, it will hinder the growth of the processing and manufacturing industries. Tran Thanh Hai, deputy head of the Import and Export Department, said the outbreak may be controlled in one or two months.
"Despite some impacts, factories in Bac Ninh and Bac Giang have resumed operations," he said.
Nguyen Minh Phong from Hanoi Socio-economic Development Institute said, "I think we have many opportunities to export more. We experienced a trade surplus before thanks to free trade agreements. Making higher quality products will help us export to stricter markets. It's necessary to announce tax exemption plan and incentives for new free trade agreements."
Many experts agreed that as the vaccination plan rolls out, Vietnam's trade activities will grow along with the recovery of the global market and as free trade agreements are implemented.
At the regular meeting in June, Prime Minister Pham Minh Chinh also said businesses must diversify their products and improve the quality of key products such as agricultural products.
