Home / News / New regulations / Exports to ASEAN nations soar

Exports to ASEAN nations soar

VGP – Viet Nam gained US$13.9 billion from exporting to ASEAN nations in the first half of 2021, a year-on-year increase of 28.2 percent, according to the Ministry of Industry and Trade.

Exports to ASEAN accounted for 8.8 percent of the country’s total export turnover, higher than exports to key markets such as the Republic of Korea and Japan.

Meanwhile, imports from ASEAN nations witnessed a surge of 50.5 percent against the same period last year and making up 13.3 percent of Viet Nam’s import value.

Viet Nam’s trade deficit with ASEAN hit US$7.3 billion, higher than the figure of US$3.2 billion of the same period last year.

The ASEAN Trade in Goods Agreement (ATIGA), a free trade agreement between ASEAN countries, has become effective since 2010. Through ATIGA, Viet Nam have reduced their import duties from 5 to 0 percent on 98.86 percent of their tariff lines.

Exports to Laos exceeds US$300 million

Viet Nam-Laos trade volume reached more than US$671 million in the first half of 2021, up 36.5 percent. Of the figure, Viet Nam’s exports and imports were estimated at US$329 million and US$341 million, up 19.1 percent and 58.9 percent, respectively, announced the Viet Nam Trade Office in Laos.

In June only, the bilateral trade saw a year-on-year increase of 22.1 percent, achieving more than US$100 million.