Business

Vietnam’s trade surplus surges to record high

Vietnam recorded a trade surplus of 26 billion USD in 2023, nearly tripling the figure last year and the highest on record, Deputy Minister of Industry and Trade Phan Thi Thang said at a teleconference held in Hanoi on December 20.
Vietnam’s trade surplus surges to record high ảnh 1Deputy Minister of Industry and Trade Phan Thi Thang at a teleconference held in Hanoi on December 20 (Photo: baodautu.vn)
Hanoi (VNA) – Vietnam recorded a trade surplus of 26 billion USDin 2023, nearly tripling the figure last year and the highest onrecord, Deputy Minister of Industry and Trade Phan Thi Thang said at a teleconferenceheld in Hanoi on December 20.

According to a report from the Ministry of Industry and Trade, despiteformidable challenges in trade activities posed by poor economic growth andweak demand in large export markets such as the US, the EU, Japan and ASEAN,Vietnam capitalised on the recovery of its major and traditional markets topromote export.

The country shipped 354.5 billion USD worth of products in the year, down 4.6%year-on-year, which, Thang said, marked an easing from the 12% in the first half.

She added that 33 items recorded export turnover of 1 billion USD in 11 months, of which seven posted a value of more than 10 billion USD, accountingfor 66% of the total revenue.

Farm produce was among key exports, she said, adding processed industrial productsaccounted for 85% of the export turnover.

General Director of the ministry’s Agency for Foreign Trade Tran Duy Dong said exportshowed signs of recovery in the end of 2023, and relished the prospect of betterexport situation in 2024 on the back of current free trade agreements (FTAs),and conclusion of negotiations and implementation of the trade deals with newmarkets such as Israel and the United Arab Emirates.

Vietnam’s trade surplus surges to record high ảnh 2Vietnam records a trade surplus of 26 billion USD in 2023, nearly tripling the figure last year and the highest on record. (Photo: VNA)
He stressed that the sound political relations with such trade partners asChina, the EU and the US will create a premise for Vietnam to expand itseconomic, trade and investment cooperation.

Given those advantages, the ministry willstrive to increase the export revenue growth by 6%, and trade surplus to some15 billion USD in 2024, he said, underscoring the ministry will work todiversify export markets and supply chains, support enterprises to capitaliseon the existing FTAs, especially the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTTP), the EU-Vietnam FTA and the UK-Vietnam FTA, to bolstershipments.

Additionally, it will coordinate with the Ministry of Agriculture and RuralDevelopment to negotiate with China for official export of more agriculturalproducts from Vietnam, and speed up customs clearance at Vietnam-China bordergates, Dong added./.
VNA
#trade surplus #Vietnam #highest on record #formidable challenges #key exports #processed industrial products #FTA #customs clearance #Vietnam News Agency #Vietnamplus
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