Trade surplus posts record high since 2016

Vietnam is estimated to enjoy a trade surplus of $19.1 billion this year – the highest since 2016.

Trade surplus posts record high since 2016 hinh anh 1

In a press conference announcing the socio-economic situation in the fourth quarter on December 27, the General Statistics Office (GSO) estimated Vietnam’s total trade revenue at 543.9 billion USD, up 5.1 percent year-on-year.

Of the total, export value hits 281.5 billion USD and imports reach 262.4 billion USD, year-on-year rises of 6.5 percent and 3.6 percent, respectively.

Nguyen Viet Phong from the GSO’s Trade and Service Statistics Department said that the trade surplus is a bright spot contributing remarkably to economic growth and positively affecting the exchange rate and foreign exchange reserves in the context of Vietnam needing more resources for post-pandemic economic recovery in 2021.

In the context that the world economy is seriously affected by the COVID-19 pandemic, the trade surplus of 19.1 billion USD shows that Vietnam has well taken advantage of opportunities brought by signed free trade agreements (FTAs), especially the EU-Vietnam FTA and the quality of the country’s exports has improved, meeting requirements of choosy markets.

According to the GSO, in 2020, 31 commodities enjoy export turnovers of more than 1 billion USD, with six posting export values of over 10 billion USD, accounting for 64.3 percent of the total export turnover.

 

The heavy industry and mineral sector enjoys the biggest export value with 152.5 billion USD, up 11.3 percent year-on-year.

The US is Vietnam’s largest importer with the export revenue of 76.4 billion USD, up 24.5 percent, followed by China with 48.5 billion USD, up 17.1 percent, and the EU with 34.8 billion USD, down 2.7 percent.

This year, 35 commodities post import values of more than 1 billion USD, with four reaching 10 billion USD, accounting for 49.4 percent of the total import revenue.

According to Phong, Vietnam enjoys trade a surplus of 62.6 billion USD with the US, and 20.3 billion USD with the EU, while it posts trade deficits of 34.5 billion USD with China, 27.6 billion USD with the Republic of Korea, and 6.9 billion USD with ASEAN.

He suggested Vietnam make more efforts to help US businesses operating in Vietnam deal with difficulties, and import more from the US, particularly commodities such as energy, agricultural products, pharmaceutical products and machinery./.VNA

2020 trade surplus estimated at $7 billion

2020 trade surplus estimated at $7 billion

Export revenue in 2020 is estimated to reach $267 billion while imports are to reach $260 billion, resulting in a trade surplus of some $7 billion, according to Deputy Minister of Industry and Trade Do Thang Hai.

 
 

Other News

.
China resumes importing Vietnamese dragon fruit, bananas
China resumes importing Vietnamese dragon fruit, bananas
BUSINESSicon  10/09/2021 

China has agreed to resume importing Vietnamese dragon fruit and bananas through the Kim Thanh International Border Gate in Lao Cai province following a hiatus due to COVID-19.

Digital transformation to increase productivity: the only way to not lag behind
Digital transformation to increase productivity: the only way to not lag behind
FEATUREicon  10/09/2021 

At Garment 10 Company, productivity increased exponentially after new technologies and digitalization of the production line were applied.

Welcoming visitors with "vaccine passports"
Welcoming visitors with "vaccine passports"
FEATUREicon  10/09/2021 

Van Don international airport in Quang Ninh province was selected to welcome the first visitors with a "vaccine passport" on September 4. 

Vietnamese households to spend more on food
Vietnamese households to spend more on food
BUSINESSicon  10/09/2021 

The average Vietnamese household will spend 20.8 per cent of their total household budget on food in 2025, marginally increasing from 20.1 per cent in 2005, according to global financial services provider Fitch Solutions.

Two out of five Vietnamese consumers will abandon long online banking account applications
Two out of five Vietnamese consumers will abandon long online banking account applications
BUSINESSicon  10/09/2021 

Vietnamese consumers expect a seamless banking experience when it comes to opening an account via a mobile app or website, with two in five expecting to answer 10 questions or less or they will abandon the process.

NA Deputy warns of property bubbles
NA Deputy warns of property bubbles
BUSINESSicon  10/09/2021 

State Bank of Vietnam Governor Nguyen Thi Hong has sent a document replying to Ha Sy Dong, a National Assembly Deputy from the central province of Quang Tri, who spoke about property bubbles at the first session of the 15th NA on July 25.

Hanoi enterprises resume operation, but with high caution
Hanoi enterprises resume operation, but with high caution
FEATUREicon  10/09/2021 

The enterprises in yellow and green zones of Hanoi have been asked to continue anti-pandemic measures during the production process. The ‘three on the site’ model (work, eat, stay) is being used in high-risk zones.

Garment-textile, footwear may take long time to recover: insiders
Garment-textile, footwear may take long time to recover: insiders
BUSINESSicon  10/09/2021 

Viet Nam’s garment-textile and footwear sectors have endured the brunt of COVID-19 and firms may take a long time to recover, experts said.

VN industrial, logistics real estate a resilient asset class: analysts
VN industrial, logistics real estate a resilient asset class: analysts
BUSINESSicon  09/09/2021 

Demand for e-commerce and pharmaceuticals ensure that the industrial and logistics real estate segments remain the most resilient asset class in 2021, experts have said.

VIETNAM BUSINESS NEWS SEPTEMBER 10
VIETNAM BUSINESS NEWS SEPTEMBER 10
BUSINESSicon  10/09/2021 

VN-Index bounces back on blue chip recovery

Vietnam to issue a tax decree on cross-border e-commerce
Vietnam to issue a tax decree on cross-border e-commerce
BUSINESSicon  09/09/2021 

Vietnam intends to issue a new decree to regulate cross-border e-commerce deliveries amidst the e-commerce boom.

State Bank agrees to extend debt rescheduling for six months
State Bank agrees to extend debt rescheduling for six months
BUSINESSicon  09/09/2021 

The State Bank of Vietnam (SBV) has agreed to extend debt rescheduling for customers for a further six months.

VIETNAM BUSINESS NEWS SEPTEMBER 9
VIETNAM BUSINESS NEWS SEPTEMBER 9
BUSINESSicon  09/09/2021 

Wood exports plummet as amid virus outbreak

Food prices in Vietnam the cheapest in Southeast Asia
Food prices in Vietnam the cheapest in Southeast Asia
BUSINESSicon  09/09/2021 

According to a report by iPrice, grocery prices in Vietnam are among the cheapest in Southeast Asia after comparing prices for groceries in Southeast Asia from Numbeo.

Plans afoot to push production ahead
Plans afoot to push production ahead
BUSINESSicon  08/09/2021 

Domestic production has been hit hard this year, with numerous enterprises facing greater woes and leaving the market. However, the situation could be eased by a new special taskforce established by the prime minister.

Longer-term FDI strategy in need of situational tweaks
Longer-term FDI strategy in need of situational tweaks
BUSINESSicon  09/09/2021 

The pandemic is forcing a number of factories to either stop operations or pare down capacity, which has increased pessimism about the short-term outlook of Vietnam’s business environment.

Businesses in green zones resume operation
Businesses in green zones resume operation
FEATUREicon  09/09/2021 

With control loosening, businesses in green zones in Hanoi will be able to restart their production and business activities. But they fear that control may tighten again if the outbreak gets worse.

Jan-Aug period sees 24 wind power plants commissioned
Jan-Aug period sees 24 wind power plants commissioned
BUSINESSicon  08/09/2021 

Twenty-four wind power plants with a combined capacity of 963 MW began commercial operations in the year to August, according to the Vietnam Electricity Group (EVN).

Driving force needed for economic recovery in HCMC after Covid-19 pandemic
Driving force needed for economic recovery in HCMC after Covid-19 pandemic
BUSINESSicon  09/09/2021 

A research team from the University of Economics and Law under the National University of Ho Chi Minh City, on September 6, announced the result on the topic "Creating the driving force for economic recovery in HCMC in the fourth wave of Covid-19".

Local auto industry needs support amid pandemic
Local auto industry needs support amid pandemic
BUSINESSicon  08/09/2021 

Domestic automobile manufacturers have urged the Ministry of Finance to revise criteria for production capacity so as to enjoy a preferential tax incentive policy for imported automobile parts.

 
 
 
Leave your comment on an article

OR QUICK LOGIN