Vietnam FDI sector posts $12.57 bln trade surplus in Q1

By Tri Duc
Sat, March 30, 2024 | 9:30 am GMT+7

Foreign-invested enterprises in Vietnam recorded a trade surplus of $12.57 billion in the first quarter of 2024, with crude oil activities factored into account, the General Statistics Office reported Friday.

In Q1/2024, Vietnam posted an export revenue of $93.06 billion, up 17% year-on-year, and an import expenditure of $84.98 billion, up 13.9%, resulting in a trade surplus of $8.08 billion. The trade surplus is higher than $4.49 billion in Q1/2023.

The domestic sector made a trade deficit of $4.49 billion in the period.

A train departs from Hai Duong province, southern Vietnam, to export goods to China, February 21, 2024. Photo courtesy of Vietnam Railway.

A train departs from Hai Duong province, southern Vietnam, to export goods to China, February 21, 2024. Photo courtesy of Vietnam Railway.

Vietnam’s key export sectors in Q1 were electronics, computers and components with $15.69 billion, up 30.3% year-on-year; phones and components with $14.71 billion, up 9.7%; machine and equipment with $10.87 billion, up 10.2%; and apparel-textile with $7.76 billion, up 7.9%.

Products from the manufacturing-processing industry accounted for $82.02 billion of the country's export total, or 88.1%; followed by farm produce and forestry goods at $8 billion (8.6%); fisheries at $1.86 billion (2%); and fuel and natural resources at $1.18 billion (1.3%).

Regarding import, the highest expenditures belonged to sectors of electronics, computers and components with $23.94 billion, up 23.6% year-on-year; machine and equipment with $10.31 billion, up 12.1%; fabric with $3.06 billion, up 2.7%; and steel-iron with $2.99 billion, up 31.9%.

Materials for production accounted for $79.9 billion, or 94% of total imports. The remaining 6%, or $5.08 billion, was spent on consumer goods.

In Q1, China and the U.S. were the biggest trade partners of Vietnam, with total trade values of $42.1 billion and $29.7 billion, respectively. Other major trade partners were the ASEAN with $20 billion, South Korea with $19.4 billion, the EU with $16 billion, and Japan with $11.3 billion.

For the northern neighbor China, Vietnam spent $29.4 billion on importing goods and earned $12.7 billion in exporting goods, up 24.4% and 5.2%, respectively.

Regarding the U.S., Vietnam reaped $26.2 billion on exported goods and recorded an import spending of $3.5 billion, up 26% and 14.8% year-on-year.

Comments (0)
  • Read More
Foxconn plans to expand product portfolio at $200 mln plant in central Vietnam

Foxconn plans to expand product portfolio at $200 mln plant in central Vietnam

Fu Wing Interconnect Technology (Nghe An) Co., Ltd., a subsidiary of Taiwan-based electronics giant Foxconn, plans to expand the range of products at its $200 million factory in Vietnam’s central province of Nghe An.

Industries - Wed, May 7, 2025 | 3:35 pm GMT+7

Sumitomo okayed to build 4th industrial park in Vietnam

Sumitomo okayed to build 4th industrial park in Vietnam

With an industrial park to develop in the central province of Thanh Hoa, Japan's Sumitomo will expand its industrial real estate portfolio in Vietnam to four projects amid rising FDI inflows.

Industrial real estate - Wed, May 7, 2025 | 2:16 pm GMT+7

Vietnam upholds 8% GDP growth target despite US tariff turmoil

Vietnam upholds 8% GDP growth target despite US tariff turmoil

The Vietnamese Government is persistent with its 8% growth goal though disadvantages outweigh advantages, with a focus on solutions to respond to U.S. reciprocal tariffs, PM Pham Minh Chinh told a cabinet meeting on Tuesday.

Economy - Wed, May 7, 2025 | 12:42 pm GMT+7

Vietnam's sugar major Quang Ngai Sugar JSC posts lowest Q1 profit in 2 years

Vietnam's sugar major Quang Ngai Sugar JSC posts lowest Q1 profit in 2 years

Quang Ngai Sugar JSC, owner of famous soy milk brand Fami in Vietnam, reported its weakest Q1 profit in two years as its sugar business struggled under pressure from smuggled and imported sugar, though the soy milk segment continued to support revenue.

Companies - Wed, May 7, 2025 | 11:14 am GMT+7

Listing, state capital divestment “blockbusters” new catalysts for Vietnam's stock market

Listing, state capital divestment “blockbusters” new catalysts for Vietnam's stock market

As Vietnam’s stock market enters an information lull following Q1 earnings releases and AGMs, recent news about major listing and state capital divestment plans are expected to be significant catalysts for the country's benchmark VN-Index.

Finance - Wed, May 7, 2025 | 8:17 am GMT+7

Construction of first locally-owned semiconductor factory begins in Vietnam

Construction of first locally-owned semiconductor factory begins in Vietnam

CT Semiconductor, a subsidiary of CT Group, has begun the second phase of construction on what is set to become Vietnam’s first semiconductor chip factory fully owned by a domestic company.

Southeast Asia - Tue, May 6, 2025 | 10:50 pm GMT+7

Japanese retailers step up business activities in Vietnam

Japanese retailers step up business activities in Vietnam

Japanese retailers Aeon and Sumitomo have planned to expand their networks in Vietnam, Nikkei Asia reported on Monday.

Southeast Asia - Tue, May 6, 2025 | 10:39 pm GMT+7

Vietnam's budget carrier Vietjet sees 24% profit hike in Q1 on int’l growth surge

Vietnam's budget carrier Vietjet sees 24% profit hike in Q1 on int’l growth surge

Vietjet Aviation JSC (HoSE: VJC) reported a 24% year-over-year increase in consolidated profit for Q1, driven by strong international expansion and operational excellence, reinforcing its leadership in regional connectivity.

Southeast Asia - Tue, May 6, 2025 | 10:35 pm GMT+7

Northern Vietnam city Hai Phong claims top spot for first time in Provincial Competitiveness Index

Northern Vietnam city Hai Phong claims top spot for first time in Provincial Competitiveness Index

The coastal city of Hai Phong has, for the first time, topped the 2024 Provincial Competitiveness Index (PCI) with a score of 74.84, marking a significant milestone in its economic governance journey.

Southeast Asia - Tue, May 6, 2025 | 10:20 pm GMT+7

Malaysia initiates tariff talks with US

Malaysia initiates tariff talks with US

Malaysia is pushing forward tariff negotiations with the U.S., while implementing various policies to support local industries and strengthening efforts to seek new export markets.

Southeast Asia - Tue, May 6, 2025 | 10:12 pm GMT+7

ASEAN’s largest economy slows to lowest growth since Q3/2021

ASEAN’s largest economy slows to lowest growth since Q3/2021

Official data released recently indicates that Indonesia's economic growth decelerated in Q1 due to weakened domestic consumption.

Southeast Asia - Tue, May 6, 2025 | 9:59 pm GMT+7

Vietnam's agri major BAF reports record livestock profit since listing

Vietnam's agri major BAF reports record livestock profit since listing

BAF Vietnam Agriculture JSC in Q1 posted its highest livestock profit since listing in late 2021, thanks to a surge in pig output and revenue that nearly doubled year-over-year.

Companies - Tue, May 6, 2025 | 9:36 pm GMT+7

Amkor views Vietnam 'strong market' despite US tariff uncertainties

Amkor views Vietnam 'strong market' despite US tariff uncertainties

Amkor Technology, a U.S.-headquartered semiconductor firm, sees Vietnam a strong market in the mid and long term despite tariff uncertainties under the Trump administration, said an executive.

Investing - Tue, May 6, 2025 | 4:40 pm GMT+7

Over $7.7 bln in Vietnam's private placement corporate bonds to mature in last 3 quarters

Over $7.7 bln in Vietnam's private placement corporate bonds to mature in last 3 quarters

More than VND200 trillion ($7.7 billion) in privately-placed corporate bonds will mature in the final three quarters of this year, with the real estate sector accounting for half, according to independent credit rating provider S&I Ratings.

Finance - Tue, May 6, 2025 | 4:16 pm GMT+7

Sumitomo to halve equity interest in $2.58 bln thermal power plant in central Vietnam

Sumitomo to halve equity interest in $2.58 bln thermal power plant in central Vietnam

Sumitomo has decided to transfer 50% of the Japanese giant's equity interest in its wholly-owned operator of the $2.58 billion Van Phong 1 coal-fired power plant in Vietnam’s central province of Khanh Hoa.

Energy - Tue, May 6, 2025 | 3:54 pm GMT+7

Singapore's CapitaLand Development forms strategic partnership with Vietnam's Vinhomes

Singapore's CapitaLand Development forms strategic partnership with Vietnam's Vinhomes

CapitaLand Development has expanded in Vietnam with two major moves - a strategic collaboration agreement with leading local developer Vinhomes and the unveiling of The Fullton, a $800 million low-rise residential project in Hung Yen province.

Real Estate - Tue, May 6, 2025 | 2:56 pm GMT+7