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Vietnam racks up trade surplus exceeding US$7 billion

Vietnamese import and export value surged by 14.5% to reach over US$580 billion by mid-October, with the country posting a trade surplus of approximately US$7 billion, according to statistics given by the General Department of Vietnam Customs.

vietnam racks up trade surplus exceeding us 7 billion picture 1

Foreign-invested enterprises (FIEs) continue to play an important role in terms of the country’s trade value, with the import and export turnover of both FIEs and domestic businesses increasing by 14.9% and 13.4%, respectively.

The country’s total export value edged up 16.7% on-year, with a number of commodity groups enjoying strong growth, including machinery, equipment, tools, and other spare parts up 29%, textiles and garments, up 22.8%, computers, electronic products and components, up 14.1%, and footwear of all kinds, up 39.3%.

Meanwhile, FIEs’ total export value increased by 17.5%, thereby accounting for 73.8% of the entire nation’s total export revenue.

By the end of October 15, the country’s total import value had inched up by 12.7% on-year, with some commodity groups experiencing a sharp rise, including computers, electronic products and components up 7.8%, petrol and oil of all kinds up 130.3%, and coal of all kinds up 82.2%.

FIE’s import value of goods throughout the reviewed period expanded by 12% compared to last year’s corresponding period, accounting for 65.2% of the nation’s total import turnover.

Source: VOV

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