Vietnam’s record Q1 trade surplus hints at replacing China in global supply chain
The continuous increase in the trade balance implies Vietnam’s rising manufacturing capacity and its attractiveness to foreign investors in key sectors.
The continuous increase in the trade balance implies Vietnam’s rising manufacturing capacity and its attractiveness to foreign investors in key sectors.
Vietnam's exports rose 7.5% year-on-year to US$63.23 billion in the January-March quarter, and imports reached US$59.49 billion, representing an increase of 3.7%.
Vietnam's trade turnover is expected to reach US$115.34 billion in the January – March period, down 0.7% year-on-year.
The FDI sector posted exports of US$26.2 billion in the January – February period, up 5% year-on-year and accounting for 67% of Vietnam’s exports.
In 2019, the country’s trade turnover is estimated at US$516.96 billion, and the trade surplus would reach an all-time high of US$9.9 billion.
Despite trade protection measures from the authority, Vietnam’s steel imports continue to surge.
A strong business community is an essential component of a prosperous country, said Prime Minister Nguyen Xuan Phuc.
In the 2011 – 2019 period, Vietnam’s exports grew at an average of 15% annually, and are on track to contribute to an all-time high turnover of US$500 billion in mid-December.
Vietnam's trade turnover reached US$473.73 billion in the January – November period, of which its exports amounted to US241.42 billion, up 7.8% year-on-year, and imports totaled US$232.31 billion, up 7.4%.