Vietnam’s trade surplus with Americas exceeds $100 bln in 2022

Vietnam recorded a trade surplus of $102 billion with the Americas in 2022, exceeding the $100 billion milestone for the first time, said Deputy Minister of Industry and Trade Do Thang Hai.

Hai lauded the achievement amid complicated global economic developments, such as the energy crisis, high inflation, tightened monetary policy, risk of economic recession, and falling consumption.

In 2022, Vietnam posted a trade revenue of $153.9 billion with the Americas, up 10.7% year-on-year, of which the Southeast Asian country earned $128.2 billion from exports, up 12.4%, while import expenditure inched up 3% to $25.7 billion.

The U.S. was Vietnam's biggest trade partner with a trade turnover of $123.86 billion, up 11% year-on-year, of which Vietnam’s export revenue climbed 13.6% to $109.4 billion.

Regarding the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) group, bilateral trade between Vietnam and Canada, Mexico, Chile, and Peru jumped 10.9% year-on-year to $15.2 billion in 2022. Of this, Vietnam’s export revenue grew 8.7% to $13.1 billion, while import expenditure surged 26.9% to $2.1 billion.

For the Mercosur group featuring Brazil, Argentina, Uruguay, and Paraguay, Vietnam’s export revenue rose 3.4% year-on-year to $3.3 billion and import expenditure grew 11.6% to $8.7 billion.

Previewing 2023, Deputy Minister Hai said challenges would remain, including geopolitical instability, trade conflicts, high inflation, risks of tax evasion probes into Vietnamese goods, and fierce competition. To adapt to these problems, Hai asked relevant authorities to consult on domestic production, utilize free trade agreements, and help businesses to exploit new markets.