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Vietnam racks up $1.3B trade surplus

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Workers process fish for export at Sai Gon Aquatic Products Trading JSC in Ho Chi Minh City. VIET NAM NEWS

Vietnam racks up $1.3B trade surplus

Vietnam's trade balance posted positive $1.29 billion in the first two months of this year, the General Department of Customs has said.

The country’s trade turnover during January-February topped some $95.81 billion, a year-on-year surge of 25.4 per cent. Of the total, exports amounted to $48.55 billion, a yearly hike of 23.2 per cent, while imports were estimated at $47.26 billion, or 25.9 per cent higher than the same time last year.

Foreign-invested companies accounted for 76.4 per cent, or $37.07 billion, of Vietnam’s total export turnover. Meanwhile, the domestic sector shipped abroad $11.48 billion worth of products.

There were nine commodities joining the billion-USD export club, including telephones and parts ($9.3 billion, up 22.8 per cent year-on-year); electronics, computers and parts ($6.9 billion, up 27.3 per cent); equipment, machines and parts ($5.5 billion, up 72.6 per cent); footwear ($3.2 billion, up 15.4 per cent); and wood and wooden products ($2.4 billion, up 51 per cent). They made up 73 per cent of the country’s export turnover.

Vietnam also saw strong surge in shipments of several agricultural products, such as fruits and vegetables ($610 million, rising 14.6 per cent), rubber ($516 million, increasing 109.7 per cent), cashew nuts ($442 million, up 21.5 per cent) and cassava ($256 million, up 78.2 per cent).

The US was Vietnam’s biggest importer as it splashed out $14.2 billion on Vietnamese products, or 38.2 per cent higher than the amount it spent the same time last year. China came second with $8.5 billion, followed by the EU with $6.3 billion, ASEAN $4.2 billion, South Korea $3.4 billion and Japan $3.2 billion.

Meanwhile, the country spent big ($47.26 billion) on imports, with the foreign-invested sector purchasing $31.64 billion worth of products from abroad for production, up 31.4 per cent, while that of the domestic sector surged 16 per cent to $15.62 billion.

In the two-month period, China was the largest exporter of Vietnam, with revenue estimated at $17.3 billion, up 85.7 per cent year-on-year, followed by South Korea with $8.4 billion, ASEAN $5.6 billion, Japan $3.1 billion, the EU $2.3 billion and the US $2.1 billion.

In a bid to support local firms in promoting production and exports, the Ministry of Industry and Trade said that it will work to capitalise on opportunities from the signed free trade agreements to seek measures for market development.

Additionally, it will keep a close watch on the global market to identify key export products, while paying due heed to penning measures for market development.

VIET NAM NEWS/ASIA NEWS NETWORK

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