Bilateral trade between Vietnam and ASEAN witnessed an upsurge of 5.4 times to US$18.91 billion in 2006 since the former joined the latter in 1995, according to the General Statistics Office (GSO).
Currently, Vietnam’s exports to ASEAN account for 16 per cent of the country’s total export revenue but its imports from the bloc make up 35 per cent of its total import spending. This means that the country always incurs a huge trade deficit with ASEAN.
The country earned US$6.3 billion from exports to ASEAN in 2006, up nearly six times over 1995 and imported US$12.6 billion from the bloc, resulting in a big trade deficit of US$6.3 billion.
In the first half of this year, Vietnam's exports to ASEAN member countries surged 32 per cent to US$3.8 billion and spent US$6.9 billion on imports, mainly machinery, equipment, fertilizers, chemicals and petroleum, up 18 per cent on-year.
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Crude oil and rice were the most favored items by these markets, followed by electronic parts, textile and garments, seafood, peanuts, coffees and rubber.
Recently, the Southeast Asian markets have started to open door wide for Vietnam's electrical cables, bicycles and spare parts, and children's toys.
Singapore has retained its position as Vietnam's largest trader in the bloc for years and it continued to be the largest importer in the first six months of the year with US$979 million, said the Ministry of Trade (MoT).
Indonesia and Malaysia were the runners up with US$766 million and US$614 million, respectively, during the time.
Established August 8, 1967, the ASEAN bloc now consists of 10 members, namely, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Vietnam and other ASEAN members are holding series of activities to mark the 40th anniversary of the foundation of ASEAN. (Investment, VNA)
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