Cai Lan Port. (Photo: VNA)

In the reviewed period, the country’s trade turnover reached nearly 440 billion USD, with exports totaling 226.98 billion USD and imports 212.9 billion USD, up 15.7% and 18.5% year-on-year, respectively.

Of the export value, the domestic sector accounted for 27.8% and the foreign-invested sector (including crude oil) accounted for 72.2%. Meanwhile, of the import revenue, the domestic sector contributed 78 billion USD, up 21.5% and the foreign-invested sector saw a rise of 16.9% to 134.9 billion USD.

In July alone, the trade value reached 69.72 billion USD, up 8.7% month-on-month and 21.8% over the same period last year. Of the figure, export reached 35.92 billion USD in July, a year-on-year increase of 19.1% while imports rose 24.7% to 33.8 billion USD.

The US is Vietnam's largest importer with a revenue of 66.1 billion USD, while China is the country's largest exporter with 79.2 billion USD.

According to Le Quoc Phuong, former deputy director of the Vietnam Industry and Trade Information Centre, the goal of reaching export revenues of 377 billion USD, or a growth rate of 6% in 2024, is within reach, as Vietnamese enterprises are well prepared for taking opportunities from free trade agreements (FTAs).

Vietnam is among the world's top exporters for many products such as rice, pepper and garments, he said, adding that it’s critical for the country to continue to improve product quality to meet requirements of import markets.

Companies also need to diversify into other markets and expand into ones such as the Middle East, Africa and South America in order to minimise the risks from dependence on single or several markets.

Vietnam’s export and import are robust in the period, Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade said.

The ministry is hastening the progress of negotiations for the Comprehensive Economic Partnership Agreement with the UAE as well as promote in-effect FTAs to enterprises.

The ministry will continue to provide market updates for enterprises so that they can build appropriate production and market development plans.

It will also focus on increasing digital transformation in trade promotion, he added./.