Vietnam posts trade deficit of 1.9 billion USD in Q1

Vietnam’s industrial sector posted significant growth in the first quarter of 2024, of an estimated 6.18% compared to the first quarter of 2023. In particular, manufacturing and processing saw robust growth of 6.98%.

A total of 36,244 new enterprises were set up in the first quarter of this year with combined registered capital of 332.2 trillion VND (13.3 billion USD), up 6.9% in number and 7% in capital.

China has long been Vietnam’s largest trading partner, with two-way trade consistently exceeding 100 billion USD since 2018. Trade between the two neighbours reached 171.85 billion USD last year.

Coconuts have been designated one of the six primary national industrial crops by the Ministry of Agriculture and Rural Development. It is projected that the country’s coconut cultivation area will expand to 195,000-210,000 hectares by 2030, resulting in a substantial harvest of over 2 million tonnes.

Figures from the General Statistics Office show that Vietnam’s economy is experiencing a strong recovery during the first quarter of 2024. GDP growth is higher than in the first quarter in the 2020-2023 period, while tourism is booming and an impressive trade surplus has been posted.