Việt Nam’s trade surplus reaches nearly $14 billion in first eight months

Việt Nam’s trade surplus reaches nearly $14 billion in first eight months

The trade balance recorded a surplus of US$13.99 billion.

Hải Phòng Port. —VNA/VNS Photo

The Ministry of Industry and Trade (MoIT) forecast that Việt Nam’s import-export turnover could reach US$800 billion this year, marking a record high and the first time the country has ever achieved this milestone, up from $786 billion last year.

Data released by the National Statistics Office under the Ministry of Finance shows that Việt Nam’s total import-export turnover reached $597.93 billion in the first eight months of this year, up 16.3 per cent year on year. The trade balance recorded a surplus of US$13.99 billion.

Export turnover was estimated at $43.39 billion last month alone, up 2.6 per cent from July and 14.5 per cent from a year earlier.

The country earned $305.96 billion from goods exports in the January–August period, a year-on-year growth of 14.8 per cent.

A total of 29 export items exceeded $1 billion in value, with seven surpassing US$10 billion.

On the import side, August turnover stood at $39.67 billion, slightly down 0.8 per cent from July.

For the eight-month period, imports reached $291.97 billion, up 17.9 per cent year-on-year. Thirty-eight imported items surpassed the $1 billion mark, including two above $10 billion.

The US remained Việt Nam’s largest export market with $99.1 billion, while China was the top import source with $117.9 billion.

The country posted a surplus of $87 billion with the US (up 26.8 per cent) and $25.6 billion with the EU (up 10 per cent), but ran a deficit of $75.9 billion with China (up 39.8 per cent), $20.1 billion with South Korea, and $9.4 billion with ASEAN.

To promote import and export activities, the MoIT’s leadership has instructed its units to further strengthen and improve the quality of policy advisory work, while finalising mechanisms and regulations, particularly decrees and circulars, for the domestical implementation of international commitments under free trade agreements to which Việt Nam is a party.

In addition, efforts will be made to facilitate stronger linkages enabling domestic enterprises to participate in the production and supply chains of foreign-invested enterprises (FDI) and major global corporations, thereby creating markets for industrial development.

The ministry also emphasised enhancing market information, providing timely updates on demand, especially in new and potential markets, as well as on regulatory changes in partner countries, and offering policy consultancy to businesses, associations, and export-import industries. 

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