US remains Vietnam’s largest importer

From the beginning of this year to July 15, Vietnam’s total export revenue neared US$122.5 billion while its imports hit roughly US$120 billion, resulting in a surplus of US$2.5 billion, reported the General Department of Vietnam Customs.

Earlier in June, the country ran a surplus of about US$870 million, bringing the six-month figure to a record US$3.37 billion in the recent five years.

High trade surplus is considered a condition to stabilising macro-economy and foreign exchange rate, as well as ensuring foreign reserves.

According to the Ministry of Industry and Trade, domestic businesses reported a 19.9% rise in exports by shipping US$33.07 billion worth of goods abroad in the first half of this year. Meanwhile, foreign-invested enterprises earned US$80.86 billion from exports, up 14.5% from the corresponding period last year.

Vietnam exports goods to 200 countries and territories over the world, with 27 markets reaching an export turnover of over US$1 billion, and the top 10 largest global markets accounting for 88% of the country’s export turnover.

The ministry forecast this year’s exports at US$236.6 billion, up 10% against 2017.