Vietnam posts trade surplus of US$1.46 billion in Q1

Vietnam continued to show positive trade performance during the first three months of 2022 with a trade surplus of US$1.46 billion, according to data from the General Department of Vietnam Customs (GDVC).

Cargo handling at Haiphong port. Photo: Cong Hung

The latest figures showed Vietnam’s trade turnover during the second half of March rose by 20% against the previous 15 days to $36.66 billion.

This resulted in a total trade turnover in the three months of $176.75 billion, up 14.3% or $22.1 billion year-on-year.

Upon breaking down, the foreign-invested sector contributed $123.05 billion, representing an increase of 12.8% year-on-year, while the domestic sector made up  $53.7 billion, up 18%.

Several Vietnam’s export staples have recorded a sharp increase in turnover during the last half of March, including phones and parts which rose by $972 million, up 34.8%; computers and electronics by $787 million, up 34.8%; machinery and equipment by $397 million, up 24.6%; textile and garment by $259 million, up 18.5%.

For the January-March period, Vietnam’s exports rose by 13.4%, equivalent to $10.55 billion, to $89.1 billion.

Foreign-invested companies continue to be the main driving force for Vietnam’s exports by making up 73.4% of the total revenue, or $65.36 billion.

In return, Vietnam imported goods and products worth $87.64 billion, up 15.2% year on year.

The US remained Vietnam’s largest export market in the first quarter with a turnover of $25.96 billion, up 16.6%, followed by China ($13.44 billion), EU ($11.42 billion), and ASEAN ($8 billion).

Meanwhile, China stood firm as the largest import market with $27.43 billion. South Korea and ASEAN claimed the second and third places with a respective $16.77 billion and $11.83 billion.