Last update: 11:01 | 10/08/2017
Total export turnover between Vietnam and ASEAN countries has increased seven-fold in the 20 years since Vietnam became a member of the bloc, according to a recent report from the General Department of Vietnam Customs summarizing Vietnam - ASEAN trade over the two decades.
ASEAN has continually been an important trading partner of Vietnam and the bilateral trade relationship has been growing.
Trade value increased 12.3 per cent annually between 1996 and 2006 and 8.1 per cent each year from 2007 to 2016.
Total export turnover stood at $41.49 billion in the 20-year period, accounting for 11.8 per cent of Vietnam’s total trade.
Exports of goods from Vietnam to ASEAN in 2016 reached nearly $17.45 billion, down 4.4 per cent over 2015. Imports from ASEAN reached $24.04 billion, up 1 per cent.
Vietnam has never recorded a trade surplus with the bloc since joining. In its first year, 1996, the deficit was $745 million, and last year stood at $6.59 billion.
ASEAN was the largest trading partner of Vietnam in 1996 and 20 years later is the fourth largest partner, after the US, the EU, and China.
Among ASEAN countries, Thailand is Vietnam’s largest trade partner, with turnover of $12.54 billion in 2016, followed by Malaysia with $8.51 billion, up 30-fold over the 20-year period.
Singapore was third, with trade in 2016 reaching $7.16 billion, accounting for 17.3 per cent of total trade between Vietnam and ASEAN.
Bilateral trade with Indonesia in 2016 reached $5.61 billion, accounting for 13.5 per cent of total trade. Vietnam posts a trade surplus with Cambodia, the Philippines, Laos, and Myanmar.