Vietnam posts 1.9bln USD trade surplus in first five months

Update: 21:29 | 29/05/2020
Vietnam reported a trade surplus of 1.9 billion USD in the first five months of this year amid the ongoing complexity of global markets caused by the COVID-19 pandemic.
TIN LIÊN QUAN
vietnam posts 19bln usd trade surplus in first five months Vietnam, US promote footwear trade post-COVID-19 pandemic
vietnam posts 19bln usd trade surplus in first five months EVFTA to help Vietnam develop into a global manufacturing hub
vietnam posts 19bln usd trade surplus in first five months
Processing shrimps for export. (Photo: VNA)

According to the General Statistics Office (GSO), export turnover reached 99.36 billion USD, down 1.7 percent year-on-year.

The domestic sector’s export value was 33.3 billion USD, up 10.4 percent compared to the same period last year, while the FDI sector’s exports, including crude oil, were valued at 66.06 billion USD, down 6.9 percent.

Commodities seeing strong growth in export value during the period included machinery, equipment, tools, and spare parts with 25 percent; computers, electronic products, and components with 22.1 percent; rice with 17.2 percent; coffee with 2.9 percent; and cashew nuts with 2.2 percent.

Read more
vietnam posts 19bln usd trade surplus in first five months Steering Committee: Vietnam still closes borders to foreign tourists due to COVID-19

Those with declining turnover were telephones and components (8.8 percent), textiles (14.5 percent), footwear (4.6 percent), fruit and vegetables (10.3 percent), rubber (29.6 percent), and pepper (17.9 percent).

Import value in the first five months, meanwhile, reached 97.48 billion USD, down 3.8 percent year-on-year, GSO said.

The US remained the largest importer of Vietnamese goods in the period, with turnover reaching 24.6 billion USD, up 8.2 percent. It was followed by China with a turnover of 16.3 billion USD, up 20.1 percent.

Vietnam’s exports to the EU and ASEAN fell 12 percent and 13.4 percent, with a turnover of 12.9 billion USD and 9.4 billion USD, respectively.

After posting solid growth in the first quarter, Vietnam’s trade picture has been affected by the COVID-19 pandemic since April. Export turnover in April was just 19.7 billion USD, down 18.4 percent against March and 3.5 percent year-on-year.

vietnam posts 19bln usd trade surplus in first five months VCCI vows to help Vietnamese business community when EVFTA comes into effect

The Vietnam Chamber of Commerce and Industry (VCCI) said on May 27 it is actively promoting the dissemination of the EU-Vietnam Free Trade Agreement (EVFTA) ...

vietnam posts 19bln usd trade surplus in first five months Experts: Vietnamese businesses strive to overcome barriers upon joining EVFTA

The EU-Vietnam Free Trade Agreement (EVFTA) will require Vietnamese businesses to overcome their own barriers in order to fully participate in the trade deal and ...

vietnam posts 19bln usd trade surplus in first five months Agricultural sector keen to capitalise on EVFTA opportunities: Ministry

The European Union-Vietnam Free Trade Agreement (EVFTA) is poised to offer a wealth of opportunities to boost the export of Vietnam’s agricultural and aquatic products ...

(Source: VNA)