The Hanoitimes - The country needs to stay alert of the ongoing US-China trade war, the General Statistics Office warned.
Vietnam reported an estimated trade deficit of US$300 million in July, causing its trade surplus to narrow to US$3.1 billion in the January-July period, the General Statistics Office (GSO) has said in a monthly report.
The country's export turnover reached US$133.69 billion in the first seven months of 2018, a 15.3% year-on-year climb. Of the sum, domestic and foreign invested firms gained export turnovers of US$39.03 billion (up 18.7%) and US$94.66 billion (up 14%), respectively.
Specifically, Vietnamese exports of electronic products, computers and components surged 14.8% to US$15.7 billion. Remarkable growth of export turnovers was also seen in phones and components with US$26.1 billion (up 15.8%
year-on-year) and textile-garment with US$16.5 billion (up 16.2% yearly).
In July, the country raked in an estimated US$19.50 billion from overseas shipments, up 10.2% compared to the same period last year.
Meanwhile, the country spent US$130.63 billion on imports in the seven-month period, up 10.2% against the same period last year. The foreign-invested sector's imports grew by 8.5% to US$76.47 billion while domestic companies' imports stood at US$54.16 billion, up 12.7% year-on-year.
The United States was Vietnam's biggest export market, spending US$25.5 billion on importing Vietnamese goods in the period, up 8.9% year-on-year, followed by the European Union with US$24.2 billion, up 12.9% year-on-year.
Meanwhile, China remained Vietnam's largest import market during January-July with turnover of US$35.8 billion, a 13.1% climb year-on-year.
However, the country is still under alert that the escalating trade tension between China and the US can harm its trade activities in the time ahead, according to GSO. “Vietnam needs to strictly observe the global situation to take timely measures”, warned the GSO.