Vietnam’s trade outlook for the remainder of the year is projected to have intertwined challenges and opportunities, with the country’s efforts to contain the pandemic the most important factor.

Potential disruption of supply chains as a result of the pandemic is making it hard for local enterprises to fulfill their contractual obligation to partners.

The challenges for local firms would be to utilize preferential treatment and complying with commitments set out in the UK-Vietnam Free Trade Agreement (UKVFTA).

Computers, electronic products, and parts have been the group of products with the highest import value since 2017.

Phones and parts posted the largest export turnover among export items during the first two months with US$9.3 billion, or 19.2% of the total.

The foreign-invested sector made up 76.4% of Vietnam’s total exports in the first two months with US$37.07 billion, representing an increase of 30.5% year-on-year.

In 2021, the trade ministry eyes an increase of 4-5% in trade turnover from an estimated US$543.9 billion last year.