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Business Report Writing

Formal Writing

Trade in Vietnam

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We begin our monthly summary of international trade with one of the most rapidly growing economies in South East Asia, Vietnam.

Exports

This year, exports in Vietnam increased sharply from 13.2% to 21.1% reaching 213.77 billion USD. Vietnam is one of the largest exports of petrol (USD$10.5 billion), textiles (USD$9.1 billion), shoes (USD$4.7 billion) and electronics (USD$2.7 billion). Export growth of these products has remained stable compared to last year. However, there was a fall in the agriculture industry, particularly rice, wheat, and tea. Vietnam previously an agrarian-based economy saw a decline with the growth of the manufacturing industry. Despite the fall, market analysts believe the export rate in Vietnam will not change dramatically.

Imports

Imports decreased slightly by 7% because of the economic crisis, making the domestic demand decrease quickly. Vietnam’s two major trading partners (China and Taiwan) took a 40% portion of the whole import trade. This tax increase imposed by the two countries has caused a serious impact in Vietnam, leading to a drop in Vietnam’s imports.

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