Vietnam records US$3.1 billion trade surplus in seven months

Vietnam gained a trade surplus of US$3.1 billion in the first seven months of this year, reported the General Statistics Office (GSO).

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Vietnam recorded a high trade surplus in the first half of this year. (Photo vneconomy.vn)
This is because the country’s total export value during the first seven months rose 15.3% year-on-year to US$133.7 billion.

Of which, the domestic economic sector’s export value increased 18.7% to US$39.3 billion over the same period of last year while that of foreign invested enterprises had a growth of 14% to US$94.7 billion, accounting for 70.8% of the total export value.

Meanwhile, the nation saw slower growth in imports with the total import value in the first seven months of this year rising 10.2% to US$130.6 billion against the same period of last year.

The import value rose 12.7% to US$54.2 billion for the domestic economic sector and 8.5% to US$76.5 billion for the foreign-invested enterprises.

However, GSO experts said from May to July, the nation had trade deficit in each month. The trade deficit was US$500 million in May, US$100 million in June and US$300 million in July.

Vietnam had large trade deficit with China and the Republic of Korea. In the first seven months of this year, the trade deficit was at US$16.3 billion with China, up 1.6% year-on-year, and at US$16.3 billion with the Republic of Korea, which was down 13%.

The GSO reported major export products continued to achieve strong increases, in particular telephone and parts with a growth of 15.8% to US$26.1 billion; textile and garment, up 16.2% to US$16.5 billion; and electronic products, computer and parts, up 14.8% to US$15.7 billion.

They also included footwear, up 8.9% to US$9.1 billion; machine, equipment and parts, up 27.1% to US$9 billion; wood and wooden products, up 13.4% to US$4.8 billion; and transport means and parts, up 15.2% to US$6.4 billion.

The nation saw growth in export value for some agro and seafood products (up 8.1% to US$4.7 billion), vegetables and fruits (up 14.6%to US$2.3 billion), and rice (up 31.5% to US$2 billion).

However, reduction in the global export prices drove export value down for some farming products of Vietnam, such as coffee (down 4.5% to US$2.2 billion), and rubber (down 9.7% to US$1 billion).

Crude oil export dropped in both volume and value by 46.4% and 25.3% to US$1.3 billion, respectively. 

Dong Nai’s trade surplus

The southern province of Dong Nai’s trade surplus in the first seven months of the year was US$1.6 billion, which made up half of the country’s total.

Dong Nai is among the country’s top five exporting cities and provinces, with a consistently high export surplus, according to the provincial Department of Industry and Trade.

The province has around 50 products with high export turnover, including textiles and garments, footwear, wooden products, and steel, exported to around 170 countries and territories. The products are highly regarded by foreign businesses.

According to the Statistics Office of Dong Nai, it exported around US$9.2 billion worth of goods in the first seven months, 14% higher year-on-year and its highest in four years.

80% of Dong Nai’s export turnover is from foreign-direct invested companies in the province.
VNA

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