Vietnam likely to post trade surplus for fourth straight year

Update: 21:34 | 06/12/2019
With a record trade surplus of 9.12 billion USD over the first 11 months and year-on-year export growth of 7.8 percent, experts believe that 2019 will be the fourth straight year Vietnam will post a trade surplus.
TIN LIÊN QUAN
vietnam likely to post trade surplus for fourth straight year Vietnam enjoys trade surplus with Israel in first 10 months
vietnam likely to post trade surplus for fourth straight year Agricultural sector gains trade surplus of 8.8 bln USD in 11 months

According to the Export-Import Department under the Ministry of Industry and Trade, the country shipped 241.42 billion USD worth of goods abroad between January and November, up 7.8 percent from the previous year.

vietnam likely to post trade surplus for fourth straight year
Inside a shoe factory in Vietnam. (Photo: Zing)

That included 74.72 billion USD exported by domestic businesses and 166.7 billion USD (including crude oil) from foreign invested firms, rising 18.1 percent and 3.8 percent, respectively. The domestic sector’s proportion of total export revenues also increased to 30.95 percent from 29.16 percent.

Meanwhile, imports have reached 232.31 billion USD so far this year, up 7.4 percent year on year. The figure includes 98.2 billion USD by domestic firms and 134.1 billion USD by foreign invested companies, up 13.9 percent and 3.1 percent, respectively.

Analysts said amidst the complex global situation and more non-tariff barriers, Vietnam’s sustained export growth and record trade surplus have proven the effectiveness of its efforts to take advantage of export opportunities.

Deputy Director of the Export-Import Department Tran Thanh Hai said by the end of November, 32 commodities had enjoyed an export turnover of more than 1 billion USD, including eight with over 5 billion USD and five with over 10 billion USD in revenue.

He said exports to the markets that Vietnam has free trade agreements with have posted good growth, including Japan (up 7.6 percent year on year), the Republic of Korea (10.1 percent), ASEAN (2.5 percent), Russia (9.1 percent) and New Zealand (6.8 percent).

The US remained the biggest destination for Vietnamese goods in the reviewed period, followed by the EU, China, ASEAN, Japan and the Republic of Korea.

The export structure has also been improved with less raw materials and more processed and industrial products shipped abroad, Hai added.

vietnam likely to post trade surplus for fourth straight year Vietnam enjoys trade surplus with Israel

Vietnam-Israel trade reached over 790 million USD in the first nine months of 2019, with Vietnam’s export revenue of about 410 million USD, according to ...

vietnam likely to post trade surplus for fourth straight year Vietnam continues to enjoy trade surplus with Israel

The two-way trade between Vietnam and Israel was estimated at 760 million USD in the first three quarters of this year with Vietnam continuing to ...

vietnam likely to post trade surplus for fourth straight year Vietnam runs trade surplus with Japan in January-August

Vietnam recorded a trade surplus of 930 million USD with Japan in the first eight months of 2019.

(Source: VNA)