Vietnam FDI sector posts $24 bln trade surplus in H1

By Tri Duc
Mon, July 1, 2024 | 2:17 pm GMT+7

Foreign-invested enterprises in Vietnam recorded a trade surplus of $23.98 billion in the first half of 2024, with crude oil activities factored into account, the General Statistics Office reported.

The FDI sector recorded export revenues of $136.69 billion, up 12.3% year-on-year; while import expenditures rose 14.1% to $112.71 billion.

In January-June, the country posted export revenues of $190.08 billion, up 14.5% year-on-year; and import expenditures rose 17% to $178.45 billion, resulting in a trade surplus of $11.63 billion. The surplus was lower than the $13.4 billion in H1/2023.

Meanwhile, domestic sector recorded a trade deficit of $12.35 billion.

Chu Lai port in Quang Nam province, central Vietnam. Photo courtesy of Quang Nam newspaper.

Chu Lai port in Quang Nam province, central Vietnam. Photo courtesy of Quang Nam newspaper.

Vietnam’s key export sectors in the first six months were electronics, computers and components with $32.91 billion, up 28.6% year-on-year; phones and components with $27.2 billion, up 11.3%; machinery and equipment with $22.93 billion, up 16.2%; apparel-textiles with $16.28 billion, up 3.1%; and footwear with $10.84 billion, up 10%.

The manufacturing-processing industry accounted for $166.79 billion of the country's export total, or 87.7%; followed by farm produce and forestry goods at $16.64 billion (8.8%); fisheries at $4.36 billion (2.3%); and fuel and natural resources at $2.29 billion (1.2%).

The highest import expenditure was in electronics, computers and components with $48.84 billion, up 26.7% year-on-year; followed by machinery and equipment with $22.31 billion, up 14.6%; fabric with $7.12 billion, up 10.8%; steel-iron with $5.05 billion, up 24%; and plastics with $5.36 billion, up 14.7%.

Materials for production accounted for $167.73 billion, or 94% of total imports. The remaining 6%, or $10.72 billion, was spent on consumer goods.

China and the U.S. were Vietnam's biggest trade partners, with total values of $94.8 billion and $61.4 billion in H1/2024, respectively. Other major partners were the ASEAN bloc with $40.8 billion, South Korea with $38.4 billion, the EU with $32 billion and Japan with $21.7 billion.

Vietnam spent $67 billion on importing goods and earned $27.8 billion from exporting goods to China, up 34.7% and 5.3% year-on-year, respectively. China was Vietnam’s biggest import market.

Exports and imports to the US rose 22.1% and 2.8% year-on-year respectively to $54.3 billion and $7.1 billion. The U.S. was Vietnam’s largest export destination.

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