Several countries are reopening their economies after the success of vaccination programs. As a result, it is predicted that the demand for textiles, footwear, furniture, and electronic devices produced in Vietnam will increase.
According to the latest data released by Vietnam’s General Department of Customs, the country’s imports and exports experienced a strong rebound over the period January to July 2021. Despite the impact of the Covid-19 outbreak, trade revenue reached USD 371.16 billion, increasing by 29.5% compared to the same period of last year. Specifically, the value for exports was calculated at USD 184.33 billion while the one for imports topped USD 186.83 billion, up by 24.8% and 34.4% over the same period, respectively.
The Ministry of Industry and Trade predicts that export demand will remain strong, also thanks to various Free Trade Agreements (FTA) gradually coming into effect, reducing tariffs imposed on Vietnam’s products and creating more opportunities for the country’s exports.
Furthermore, China’s cuts in production in industries such as iron and steel, textiles, and wood due to US-China trade tensions are predicted to result in additional investment in Vietnam, as global companies seek to relocate their activities.