Export growth remained steady, led by processed industrial goods. In May alone, exports were worth US$39.6 billion, up 17% from a year earlier, with foreign-invested enterprises accounting for over 72% of the total and posting a 27.7% increase. Cumulatively, 25 export items exceeded US$1 billion in value, including seven items surpassing the US$5 billion mark.

Processed industrial goods continued to be the key growth driver, generating nearly US$153 billion in export revenue, up 14.5%. Notable contributors included electronics and components (US$38.4 billion, up 39.7%), machinery and equipment (US$22 billion, up 16.4%), textiles (US$15.06 billion, up 12%), and footwear (US$9.75 billion, up 11.5%).

Exports of agricultural and seafood products hit nearly US$17.7 billion, an increase of 15.8% over the same period last year. Many items recorded strong growth in export value despite a drop in volume, thanks to rising prices. Examples include coffee, pepper, rubber, and cashew nuts, all of which posted double-digit increases in export earnings.

Vietnam’s major export markets all saw growth. The US remained the largest market, with exports totaling US$57.2 billion, up 27.4% and accounting for nearly 32% of the total. The European Union ranked second with US$23 billion (up 12%), followed by China with US$23.5 billion (up 3.2%), the Republic of Korea (RoK) with US$11.37 billion (up 10.6%), and Japan with US$10.56 billion (up 10.7%).

Imports rose sharply, driven by demand for production inputs. In May, import turnover reached US$39.04 billion, up 14.1% year-on-year. For the five-month period, imports totaled US$175.56 billion, with goods for production accounting for 89% of the total.

This group brought in nearly US$156.5 billion, up 17.8%, showing increased manufacturing and export activity. Imports of electronic components hit US$56 billion (up 38.3%), while machinery and equipment totaled US$22.89 billion (up 22.7%). Other production inputs such as raw plastics, textile and footwear materials, and fabrics also enjoyed growth.

Imports of non-essential goods also rose by 18.8%, driven by recovering consumer demand. Passenger cars under nine seats surged by 40.6%, while auto parts, motorcycles and related components, and household electronics all posted double-digit increases.

China remained Vietnam’s largest import partner, supplying US$69.35 billion worth of goods, up 25% and accounting for nearly 40% of total imports.  The RoK followed with US$23.67 billion, ASEAN with US$22.28 billion, Japan with US$9.67 billion, the US with US$7.2 billion, and the EU with US$6.7 billion.

Vietnam posted a trade surplus of US$0.56 billion in May and US$4.67 billion for the five-month period, down from US$8.71 billion in the same period last year. The domestic sector reported a trade deficit of US$12.42 billion, while the foreign-invested sector (including crude oil) maintained a surplus of US$17.09 billion. The country recorded a surplus of US$49.9 billion with the US (up 28.5%), US$16.3 billion with the EU, and US$0.9 billion with Japan. Meanwhile, trade deficits were reported with China (US$45.9 billion, up 40.3%), the RoK (US$12.3 billion), and ASEAN (US$6.5 billion).

Trade Ministry outlines orientations toward 12% export growth target for 2025

VOV.VN - The Ministry of Industry and Trade (MoIT) has just outlined solutions for developing the market, boosting exports, and managing imports in an effort to secure the 12% export growth and produce a trade surplus of US$30 billion in 2025.