The World Trade Organization (WTO) ranks Vietnam among the 30 largest commodity-importing economies in the world.

According to the recently published ranking of the World Trade Organization (WTO), Vietnam is continuously in the group of 30 countries and territories with the largest import and export value on a global scale in recent years. And while the rankings of ASEAN countries have not increased, Vietnam's rankings have made great strides in recent years, Investment Newspaper reported.

Specifically, in 2021, Vietnam's export value of goods ranks 23rd in the world and import value ranks 20th in the world. And since 2019, Vietnam ranks 2nd in ASEAN in terms of import and export value, surpassing Thailand and Malaysia, only behind Singapore in total import and export value.

Statistics also show that since 2012, Vietnam's trade balance of goods has achieved a continuous surplus after a long period of trade deficit. As of 2021, Vietnam had a trade surplus of about USD 8 billion, and in 2022, the trade surplus is forecast to increase to about USD 10 billion.

Import and export activities have made strong strides, consecutively reaching record milestones. Total import-export value in 2007 reached USD 100 billion, but only 4 years later (2011) doubled, reaching USD 200 billion. During the next four years (2015), Vietnam's import and export reached USD 300 billion.

Only two years later (in mid-December 2017), the total import and export value reached USD 400 billion. After that, every two years, Vietnam's total import and export value increased by USD 100 billion, the import and export value reached USD 500 billion in the second half of December 2019, and USD 600 billion in November 2021.

According to the General Statistics Office, in the first 11 months of 2022, Vietnam's total import-export turnover is estimated at USD 673.82 billion, an increase of 11.8% over the same period last year. In which, export value is estimated at USD 342.21 billion, an increase of 13.4%, import value is estimated at USD 331.61 billion, an increase of more than 10%. The whole country recorded a trade surplus of USD 10.6 billion in the first 11 months of this year.

As of December 2022, the total import and export value of Vietnam's goods is estimated at USD 700 billion.

Kylie Nguyen