Vietnam to enjoy trade surplus for 9th consecutive year: experts
Vietnam is expected to maintain a trade surplus for the ninth consecutive year in 2024, given its export growth in the remainders of the year equal to that during January-July, according to experts.
During the seven-month span, the country’s export revenue rose 15.7% to US$226.98 billion, with a trade surplus of US$14.08 billion, according to the General Statistics Office.
Experts forecast Vietnam could ship US$410 billion worth of products overseas, and enjoy a trade balance of more than US$23 billion for the whole 2024.
An increase in trade surplus will contribute to improving the country’s balance of payments and international reserves to ensure the national financial security, they said.
In the first seven months of the year, there were 30 exports with a turnover of over US$1 billion. Particularly, seven enjoyed an export value from US$8 billion such as computers, electronic products and parts (nearly US$39.9 billion), telephones and parts (US$32.4 billion), and machines, equipment, tools and components (over US$27.6 billion).
Several products with significant growth in export earnings included coffee (51.9%), rice (18.2%), pepper (45%), rubber (14.8%), cassava and cassava products (13.9%).
As Vietnam is among the world's top exporters for many products like rice, pepper and garments, it is critical for the country to continue to improve product quality to meet the requirements of import markets. Companies also need to diversify into other markets and expand into others such as the Middle East, Africa and South America in order to minimise the risks from dependence on single or several markets, they suggested.
