Business

Trade surplus posts record high since 2016

Vietnam is estimated to enjoy a trade surplus of 19.1 billion USD this year – the highest since 2016.
Trade surplus posts record high since 2016 ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) – Vietnam is estimated to enjoy a trade surplus of19.1 billion USD this year – the highest since 2016.

In a press conference announcing the socio-economicsituation in the fourth quarter on December 27, the General Statistics Office(GSO) estimated Vietnam’s total trade revenue at 543.9 billion USD, up 5.1percent year-on-year.

Of the total, export value hits 281.5 billion USD andimports reach 262.4 billion USD, year-on-year rises of 6.5 percent and 3.6percent, respectively.
Trade surplus posts record high since 2016 ảnh 2Illustrative image (Source: VNA)

Nguyen Viet Phong from the GSO’s Trade and ServiceStatistics Department said that the trade surplus is a bright spot contributingremarkably to economic growth and positively affecting the exchange rate and foreignexchange reserves in the context of Vietnam needing more resources forpost-pandemic economic recovery in 2021.

In the context that the world economy is seriously affectedby the COVID-19 pandemic, the trade surplus of 19.1 billion USD shows thatVietnam has well taken advantage of opportunities brought by signed free tradeagreements (FTAs), especially the EU-Vietnam FTA and the quality of thecountry’s exports has improved, meeting requirements of choosy markets.

According to the GSO, in 2020, 31 commodities enjoy exportturnovers of more than 1 billion USD, with six posting export values of over 10billion USD, accounting for 64.3 percent of the total export turnover.

The heavy industry and mineral sector enjoys the biggestexport value with 152.5 billion USD, up 11.3 percent year-on-year.

The US is Vietnam’s largest importer with the export revenueof 76.4 billion USD, up 24.5 percent, followed by China with 48.5 billion USD,up 17.1 percent, and the EU with 34.8 billion USD, down 2.7 percent.

This year, 35 commodities post import values of more than 1billion USD, with four reaching 10 billion USD, accounting for 49.4 percent ofthe total import revenue.

According to Phong, Vietnam enjoys trade a surplus of 62.6billion USD with the US, and 20.3 billion USD with the EU, while it posts tradedeficits of 34.5 billion USD with China, 27.6 billion USD with the Republic ofKorea, and 6.9 billion USD with ASEAN.

He suggested Vietnam make more efforts to help US businessesoperating in Vietnam deal with difficulties, and import more from the US,particularly commodities such as energy, agricultural products, pharmaceuticalproducts and machinery./.
VNA
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