Vietnam posts trade surplus of $8 bln in 10 months

Vietnam recorded a trade turnover of $620 billion and a record-high trade surplus of $8 billion in the year to October 21, according to the Ministry of Industry and Trade.

Nguyen Hong Dien, Minister of Industry and Trade, attributed the achievement to the country’s timely economic recovery and good control of Covid-19, which helped firms to exploit new markets amidst disruptions in the global supply chain.

Export revenue reached $313.85 billion in the period, with major products being apparel goods and footwear, which have reaped benefits from free trade agreements (FTAs) and recorded high growth of 24% and 36%, respectively.

Other export staples that saw rapid growth were chemicals, plastic products, fertilizer and steel, also with firms effectively utilizing FTAs.

The country recorded 32 products whose export revenues exceeded $1 billion each.

The minister anticipated that the trade turnover could reach $800 billion this year and the trade surplus to $10 billion.

However, Dien noted some drawbacks, including the foreign-invested sector accounting for as much as 74% of the exports and the heavy reliance on major markets.

For instance, he noted, total export revenue of fruits and vegetables was down 11% year-on-year in the first nine months because of declining imports by China, although exports to the U.S., Japan, Europe, and other markets rose significantly.

Earlier, the Ministry of Industry and Trade projected the country’s trade turnover at $735 billion in 2022, including export revenues of $368 billion, up 9.46% year-on-year; and imports of $367 billion, up 8%.