Vietnam reports trade surplus of nearly 4 billion USD in eight months

Vietnam reports a trade surplus of nearly 4 billion USD in the first eight months of 2022. (Photo: VNA)

Hanoi (VNA) – Vietnam has enjoyed a trade surplus of 3.96 billionUSD in the first eight months of 2022, the General Statistics Office (GSO)announced on August 29.

According to the office, the country’s import-exportturnover is estimated to reach 64.34 billion USD in August, up 5.2%month-on-month and 17.3% year-on-year.

The figure raised the country's total value during the January-August period to 497.64 billion USD, up 15.5% y-o-y, of which exports reached 250.8 billionUSD, up 17.3% and imports were estimated at 246.84 billion USD, up 13.6%.

In the reviewed period, 30 commodities reported their export value ofmore than 1 billion USD, with that of six surpassing the 10 billion USD benchmark.

Meanwhile, 38 commodities see their import value of over 1billion USD, with four surpassing the 10-billion-USD mark.

Tra fish processing for export (Photo: VNA)

During January-August, the US was Vietnam’s biggest importer, buying 77.7 billion USD worth of goods, while China was Vietnam’s largest exporter, selling 82.1 billionUSD worth of products.

Vietnam saw a trade surplus of 21.6 billion USD with theEuropean Union, and a trade deficit of 47.8 billion USD with China in theperiod, up 46.4% and 21.9% y-o-y, respectively.

To assist exporters, the Ministry of Industry and Trade hashelped them grasp contents of new-generation free trade agreements (FTAs) to makemost of opportunities and minimise challenges brought about by these deals.

Attention has also being paid to bettering trade promotions,simplifying administrative procedures, and providing enterprises with both domestic andinternational market forecasts./.

VNA