Vietnam achieves record trade surplus of $13.5 billion

VCN – Import - export turnover in August topped $50 billion and the trade surplus stood at a record of nearly $13.5 billion.
4807-1855-xnk-8-thang
Structure of import - export turnover in the first eight months of 2020. Sketched by T.Bình

The figures on import and export were announced by the General Department of Vietnam Customs on September 14.

In August, Vietnam's total import and export value reached $50.4 billion, with a total export value of $27.7 billion, up 11.4% and the total import value reached $22.7 billion, up 2.8% over the previous month.

With the prosperity in August, total value of import and export goods of Vietnam in the first eight months of the year reached $336.92 billion; of that total export value reached $175.36 billion, up 2.3% and total import value reached $161.9 billion, down 2.4% over the same period in 2019.

So, in the first eight months of the year, the trade balance reached trade surplus by nearly $13.5 billion, higher nearly 2.5 times than the surplus in the same period in 2019 ($5.47 billion).

In August, phones and components led in export turnover and also had a high increase compared to July with the result of nearly $5.35 billion, up by 24.8%. However, for the first eight months of the year, although this group still maintained its top position (reaching nearly $31.6 billion), turnover decreased by 5.4% over the same period in 2019.

Besides phones and components, in August, there were five other export commodity groups with a turnover of $1 billion or more, including computers, electronic products and components with $4.2 billion (up 3.4%) compared with July 2020; textiles and garments reached nearly $2.97 billion (down 2.5%); machinery, equipment, tools and spare parts reached nearly $2.7 billion (up 17.6%); footwear nearly $1.4 billion (up 1%); and wood and wood products reached $1.15 billion (up 1.9%).

In terms of import, the largest commodity group was computers, electronic products and components with a turnover of more than $6 billion, up 7.6% over the previous month. Generally, in the first eight months of the year, this group of goods reached $38.75 billion, up 15.6%, continuing to be the largest imported commodity group of Vietnam.

By Thái Bình/Thanh Thuy

Related News

Hanoi Customs partners with businesses to boost import-export activities

Hanoi Customs partners with businesses to boost import-export activities

VCN - After a decade of fostering customs-business partnerships, Hanoi Customs Department has developed three collaborative models: Customs-Business Partnership, Customs-Import and Export Service Provider, and Customs-Business Association.
Da Nang Customs joins efforts to establish free trade zone proposal

Da Nang Customs joins efforts to establish free trade zone proposal

VCN - The Da Nang Customs Department is actively collaborating with local authorities and agencies to develop a proposal for the Da Nang Free Trade Zone (FTZ), aiming to drive new economic growth for both the city and the wider region.
State budget revenue for 2024 nears target

State budget revenue for 2024 nears target

VCN - Data from the Ministry of Finance reveals that by the end of October 2024, state revenue is on the brink of reaching the annual target. Cumulative budget revenue for the first 10 months of 2024 is estimated at VND 1,654.2 trillion, amounting to 97.2% of the current appropriation, an impressive 17.3% surge compared to the same period in 2023.
Export turnover of computer, electronic products and components reaches over US$ 55 billion

Export turnover of computer, electronic products and components reaches over US$ 55 billion

VCN – As of October 15, the export turnover of computers, electronic products and components earned US$ 55.3 billion, the General Department of Vietnam Customs (GDVC) reports.

Latest News

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

Hard capsule pharmaceutical shells from Brazil, China and India are also being investigated.
UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion

UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion

To better exploit the tariff incentives from the UKVFTA, it is necessary for Vietnamese fishery producers and exporters to focus on improving quality and supply capacity to expand market share in the UK
Agricultural, forestry and fishery trade surplus value shoots up

Agricultural, forestry and fishery trade surplus value shoots up

VCN - According to the Ministry of Agriculture and Rural Development, the total export turnover of agricultural, forestry and fishery products in the first 10 months reached 51.74 billion USD, up 20.2% over the same period in 2023. Notably, the trade surplus value recorded a spectacular increase year on year.
New export and business cooperation opportunities from "dual conversion"

New export and business cooperation opportunities from "dual conversion"

VCN - According to a recent study from NielsenIQ, 16% of Vietnamese consumers consider a sustainable future as one of the important factors in their consumption decisions.

More News

VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Read More

Your care

Latest Most read
US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

Hard capsule pharmaceutical shells from Brazil, China and India are also being investigated.
UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion

UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion

To better exploit the tariff incentives from the UKVFTA, it is necessary for Vietnamese fishery producers and exporters to focus on improving quality and supply capacity to expand market share in the UK
Agricultural, forestry and fishery trade surplus value shoots up

Agricultural, forestry and fishery trade surplus value shoots up

VCN - According to the Ministry of Agriculture and Rural Development, the total export turnover of agricultural, forestry and fishery products in the first 10 months reached 51.74 billion USD, up 20.2% over the same period in 2023. Notably, the trade surp
New export and business cooperation opportunities from "dual conversion"

New export and business cooperation opportunities from "dual conversion"

According to a recent study from NielsenIQ, 16% of Vietnamese consumers consider a sustainable future as one of the important factors in their consumption decisions.
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Mobile Version