Vietnam's trade turnover records $207 billion in four months

May 05, 2021 / 04:08 PM

Vietnam posted a trade surplus of US$1.29 billion during the four-month period, a positive result amid difficult global trade environment as a result of the Covid-19 pandemic.

Vietnam's trade turnover in the January-April period rose by a 10-year high growth of 29.5% year-on-year to reach US$206.5 billion, the General Statistics Office (GSO) has said in a monthly report.

Production at Nha Be Garment for exports. Photo: Khac Kien

Upon breaking down, the country’s exports during the period surged by 28.3% year-on-year to US$103.9 billion, while imports were estimated at US$102.61 billion, up 30.8%.

As Vietnam reported an estimated trade deficit of US$1.5 billion in April, the overall trade surplus in the first four months of 2021 was narrowed to US$1.29 billion, but remained a positive note amid difficult global trade environment as a result of the Covid-19 pandemic.

According to the GSO, the foreign-invested sector made up 75.2% of the total exports with US$78.14 billion, representing an increase of 34.4% year-on-year, while the domestic-invested sector exported US$25.76 billion, or 24.8% of the total.

Among Vietnam’s key export staples, phones and parts earned the largest export turnover during the January-April period of US$18.4 billion, up 19.4% year-on-year and accounting for 17.7% of Vietnam’s total exports.

In addition, electronic products, computers and components have earned an estimated US$15.9 billion, up 30.8% year-on-year; followed by equipment and parts (US$12 billion and up 76.9%); garments (US$9.5 billion and up 9%).

Deputy Director of the Ministry of Industry and Trade’s Import and Export Department Tran Thanh Hai attributed Vietnam’s effective measures against the Covid-19 pandemic to its strong performance in trade.

“No disruption to business and production activities was key to help local traders fulfill their their foreign peers’ orders,” said Hai.

Meanwhile, efforts from Vietnamese enterprises in adjusting to the new situation during the pandemic have also been decisive, he noted.

On the trade outlook for this year, Deputy Minister of Industry and Trade Do Thang Hai warned any resurgence of the Covid-19 pandemic would cause negative impacts on trade activities.

“Given the current context, safety measures to combat the pandemic continue to be the utmost priority,” said Hai.

Amid growing uncertainties surrounding the pandemic situation, Head of the Macroeconomic Policy Department under the Central Institute for Economic Management (CIEM) Nguyen Anh Duong called for enterprises to focus on markets having free trade agreements (FTAs) with Vietnam.

In the first four months of the year, the US, China, EU, ASEAN and South Korea remained Vietnam’s largest five export markets.

Meanwhile, China continued to be Vietnam's largest supplier, selling US$33.1 billion worth of goods to Vietnam, or an increase of 47.8% year-on-year.

South Korea claimed the second place by exporting US$16.9 billion worth of goods to Vietnam, up 16.9% year-on-year, followed by ASEAN countries with US$14.1 billion, up 48.2%.