Vietnam racks up US$5.9 billion trade surplus over nine-month period

Vietnam has enjoyed consistent growth in export turnover amid numerous difficulties, with a trade surplus of approximately US$5.9 billion, representing one of the positive aspects of the nation’s economic picture during the first nine months of the year.
vietnam racks up us 59 billion trade surplus over nine month period

According to statistics released by the Ministry of Industry and Trade, the total import-export turnover during the reviewed period stood at an estimated US$382.72 billion, of which export turnover surged by 8.2 per cent to US$194.3 billion. Furthermore, import turnover rose 8.9 per cent to US$188.42 billion on-year.

After reaching growth rates of 5.3 per cent and 7.2 per cent during the year’s first quarter and second quarter, respectively, exports showed significant improvements during the third quarter, bringing the total export turnover for the nine-month period to a rise of 8.2 per cent.

Although the growth rate has suffered a slow down in comparison to the same period in 2017 and 2018, it has met the export growth target of 7 per cent to 8 per cent set by the National Assembly this year.

Pham Tat Thang, former director of the Vietnam Industry and Trade Information Center under the Ministry of Industry and Trade, highlighted the role of domestic enterprises that have made remarkable export achievements in the reviewed period.

The growth rate of export turnover among domestic firms reached 16.4 per cent, doubling the country’s growth rate and representing a three-fold increase in comparison to the growth rate of FDI businesses.

With regard to the domestic sector, although agro-fisheries exports fell by 5.7 per cent, the processed industrial exports increased by 10.3 per cent against the same period last year. The export of several commodities, including wooden products, garments and textiles, plastic and rubber products, also enjoyed strong growth.

This robust growth can be attributed to the nation’s efforts to improve the overall business climate and accelerate international economic integration, all of which have served to facilitate the production activities of enterprises, especially in the field of industrial production.

During the remaining months of the year, exports of goods are expected to maintain their current growth trajectory, focusing on traditional commodities such as apparel and textiles, footwear, and furniture.

In addition, the increase in the purchasing power during the upcoming Lunar New Year is predicted to contribute to the export growth of goods for the remainder of the year.

The Ministry of Industry and Trade has worked out solutions for boosting exports and helping domestic firms improve their production capacity and engage in the supply chain of foreign enterprises.

Source: VOV

Related News

Vietnam-China e-commerce: A perspective from Lang Son border

Vietnam-China e-commerce: A perspective from Lang Son border

VCN - Cross-border e-commerce is currently a hot topic among e-commerce businesses, particularly those actively developing digital platforms and cross-border electronic payment infrastructures through border gates in Lang Son province.
Commodity group expects to hit import turnover of US$100 billion

Commodity group expects to hit import turnover of US$100 billion

VCN - With an average turnover of US$8.85 billion/month, it is expected that by mid-December, computers, electronic products and components will be the first imported goods group to reach the import turnover worth US$100 billion.
7 key export groups bring in US$234.5 billion

7 key export groups bring in US$234.5 billion

VCN - From the beginning of the year to November 15, the whole country has seven export groups with a turnover of US$10 billion or more.
Shrimp export prospects at the end of the year

Shrimp export prospects at the end of the year

VCN- Demand for seafood imports in key markets are soaring, helping Vietnam's seafood exports record impressive growth. In particular, shrimp exports are recording many positive results.

Latest News

US emerges as biggest consumer of Vietnam’s pepper

US emerges as biggest consumer of Vietnam’s pepper

Vietnam exported 235,335 tonnes of pepper, including 207,498 tonnes of black pepper and 27,837 tonnes of white pepper, in January - November to earn 1.22 billion USD, with the US being the biggest importer, according to the Vietnam Pepper and Spice Association (VPSA).
Why are seafood exports to some Middle Eastern countries blocked?

Why are seafood exports to some Middle Eastern countries blocked?

VCN - Many seafood export shipments to some Middle Eastern countries have had their documents returned by the Consular Department due to the nightmare of consular legalization procedures, leading to a blockage in exports to these markets.
Seafood exports increase competitiveness through quality

Seafood exports increase competitiveness through quality

VCN - The "wave" of orders from a number of large markets and increased consumption demand in the coming months will be the driving force to accelerate seafood exports at the end of the year. Not only racing to increase exports, Vietnamese seafood also increases its competitive advantage by focusing on product quality, seed sources, green transformation in the production process...
Textiles, footwear enterprises need support to green the supply chain

Textiles, footwear enterprises need support to green the supply chain

VCN- As one of the world's leading textile, garment and footwear exporting countries, Vietnam is facing many opportunities as well as challenges in response to strict customer regulations in "greening" production, including a number of commitments such as implementing social and environmental responsibilities and reducing emissions...

More News

Vietnam’s seafood export hits 1 billion USD mark for October

Vietnam’s seafood export hits 1 billion USD mark for October

Vietnam's seafood industry is on a roll, with export momentum propelling it toward the 10 billion USD target for 2024, laying robust groundwork for 2025.
Opportunities for export breakthroughs through e-commerce

Opportunities for export breakthroughs through e-commerce

VCN - According to Mr. Nguyen Van Thanh (in photo), Director of the E-commerce Development Center - Department of E-commerce and Digital Economy (Ministry of Industry and Trade), developing national e-commerce programs and fostering international cooperation are key to effectively harnessing Vietnam's potential in this area, thereby enhancing competitiveness and promoting sustainable development in the global market.
Will textile and garment exports be affected by Trump 2.0 policy?

Will textile and garment exports be affected by Trump 2.0 policy?

VCN - That was one of the topics of interest at the press conference of the Vietnam Textile and Apparel Association (VITAS) held on November 19.
Vietnam, US strengthen supply chain cooperation in global marketplace

Vietnam, US strengthen supply chain cooperation in global marketplace

The 2024 Vietnam-US Cooperation Forum, held in Ho Chi Minh City, focused on new US policy directions and opportunities to enhance bilateral economic and trade relations.
Over 218,500 enterprises established, resume operations in 11 months

Over 218,500 enterprises established, resume operations in 11 months

More than 218,500 enterprises were established and resumed operations in Vietnam in the past 11 months of 2024, a year-on-year increase of 7.4%, according to the General Statistics Office (GSO).
Textile and garment exports optimistic thanks to market opportunities

Textile and garment exports optimistic thanks to market opportunities

VCN - The diversification strategy and the shift in orders from brands have brought positive results to the Vietnamese textile and garment industry in 2024 and created a solid foundation for the 2025 target.
Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Total registered foreign direct investment (FDI) into Vietnam, including new and additional investments, and capital contributions via share purchases, reached 31.4 billion USD in the first 11 months of 2024.
Rice exports to set record of 9 million tonnes this year

Rice exports to set record of 9 million tonnes this year

Rice exports are likely to hit a record high of 9 million tonnes in 2024, given a total volume of nearly 8.5 million tonnes shipped abroad in the first 11 months, according to insiders.
Three goals, seven tasks for the logistics industry to accelerate

Three goals, seven tasks for the logistics industry to accelerate

VCN - Speaking at the Vietnam Logistics Forum 2024, Prime Minister Pham Minh Chinh pointed out 3 goals and 7 groups of tasks for the logistics industry to accelerate development in the new situation.
Read More

Your care

Latest Most read
US emerges as biggest consumer of Vietnam’s pepper

US emerges as biggest consumer of Vietnam’s pepper

Vietnam exported 235,335 tonnes of pepper, including 207,498 tonnes of black pepper and 27,837 tonnes of white pepper, in January - November to earn 1.22 billion USD, with the US being the biggest importer, according to the Vietnam Pepper and Spice Association (VPSA).
Why are seafood exports to some Middle Eastern countries blocked?

Why are seafood exports to some Middle Eastern countries blocked?

Many seafood export shipments to some Middle Eastern countries have had their documents returned by the Consular Department due to the nightmare of consular legalization procedures
Seafood exports increase competitiveness through quality

Seafood exports increase competitiveness through quality

The "wave" of orders from a number of large markets and increased consumption demand in the coming months will be the driving force to accelerate seafood exports at the end of the year.
Textiles, footwear enterprises need support to green the supply chain

Textiles, footwear enterprises need support to green the supply chain

VCN - Mr. Le Xuan Thinh - Director of Vietnam Cleaner Production Center (VNCPC) said that textiles, garments and footwear have now deeply participated in the global value chain, textile products have been exported to more than 100 markets.
Vietnam’s seafood export hits 1 billion USD mark for October

Vietnam’s seafood export hits 1 billion USD mark for October

Vietnam's seafood industry is on a roll, with export momentum propelling it toward the 10 billion USD target for 2024, laying robust groundwork for 2025.
Mobile Version