The Hanoitimes - The General Department of Vietnam Customs estimated that if Vietnam’s trade value increases by 5% year-on-year in 2019, the country could reach the US$500-billion mark in trade turnover for the first time in the fourth quarter of 2019.
Vietnam's trade per capita in 2018 reached US$5,072, nearly triple the figure recorded in the 2015 – 2017 period of US$2,082 under the calculation of the World Trade Organization (WTO).
In 2018, Vietnam posted record high trade turnover of US$480.17 billion, up over US$52 billion year-on-year, taking the combined value of Vietnam’s exports and imports to 196% of GDP.
Following this result, Vietnam is expected to achieve higher ranks in WTO’s World Trade report in April, The country's exports and imports ranked 27th and 25th worldwide in the 2017 report.
Moreover, Vietnam recorded overall trade growth rates at 13.2% and 11.1%, respectively, while 2018 was the third consecutive year that Vietnam posted a trade surplus.
According to the General Department of Vietnam Customs (GDVC), the country’s trade surplus reached US$1.78 billion in 2016, US$2.11 billion in 2017 and US$6.8 billion in 2018.
In 2018, Vietnam recorded trade surpluses with 150 countries and territories, and trade deficits with other 85, according to GDVC. Asia remained Vietnam’s largest trade partner, in which exports accounted for 54% of the total and imports 80.3%, followed by America with exports accounting for 23.8% and imports 8.6%.
Among Vietnam’s top 10 largest trading partners with over 72% of trade turnover, Vietnam recorded the highest trade turnover with China at US$106.7 billion, accounting for 22.2% of the former's total trade value.
Smartphones remained Vietnam’s most valuable export products, reaching US$49.1 billion in exports or one fifth of the totals, while computers, electronics and parts were the most imported items to Vietnam with the value of US$42.2 billion, accounting for 17.8% of total imports.
FDI companies made up 65.2% of Vietnam’s trade turnover in 2018, of which the sector’s exports accounted for 70.5% and imports nearly 60%.
GDVC estimated that if Vietnam’s trade value increases by 5% year-on-year in 2019, the country could reach the US$500-billion mark in trade turnover in the fourth quarter of 2019.