Vietnam projects trade with Mexico of 10,000 million dollars by 2025
The government of that country is promoting its sectors of energy, communications, and high-tech agriculture, among others.
The Vietnamese government plans to increase trade with Mexico to 10,000 million dollars in 2025, which represents a cumulative increase of 14.5% compared to the level of 2021, said Do Thang Hai, Vice Minister of Industry and Trade of Vietnam.
However, product trade between the two nations is largely unbalanced, with Vietnamese exports of $8.608 million and Mexican exports of just $127 million in 2021.
The pandemic had a major impact on Vietnam’s balance of payments in 2021. Vietnam posted a current account deficit of 1.1% of GDP in 2021, which contrasts sharply with the surplus of 3.6% of GDP it posted in 2020.
Prior to 2021, Vietnam had posted current account surpluses for three consecutive years amid a growing goods trade surplus. The turn to the deficit in 2021 was mainly driven by the goods balance, with merchandise imports growing (26% year-on-year) outpacing merchandise exports (19% year-on-year).
Source: The Economist