Business
Vietnam trade surplus expands to US$3.4 billion in Jan-Aug
The domestic sector reported a trade deficit of US$18.4 billion in the period, while foreign-invested firms posted a trade balance of US$21.8 billion.
Vietnam reported an estimated trade surplus of US$1.7 billion in August, leading to a surplus of US$3.4 billion in the eight-month period, compared to a trade surplus of US$4.9 billion recorded in the same period last year, the General Statistics Office (GSO) has said in a monthly report.
On breaking down, the domestic sector reported a trade deficit of US$18.4 billion in the period, while foreign-invested firms posted a trade surplus of US$21.8 billion. The former’s export expanded 13.9% to US$52.04 billion during the period, accounting for 30.6% of total exports (the rate of the same period last year was 28.8%). Meanwhile, FDI firms reaped US$117.94 billion from shipments, up 4.6% and accounting for 69.4% of the total.
In August, Vietnam exported goods worth US$24.5 billion, up 6.6% month-on-month, while imports reached US$22.8 billion, down 0.6%.
Overall, Vietnam's trade turnover reached US$336.56 billion in the January – August period, of which its export value amounted to US169.98 billion, up 7.3% year-on-year, and imports totaled US$166.58 billion, up 8.5%.
According to the report, Vietnam's export staples during the January - August period were electronic products, computers and components with US$21.9 billion, up 14.3% year-on-year; garment with US$21.7 billion, up 9.8%; footwear with US$12 billion, up 13.1%; equipment, parts with US$11.3 billion, up 5.8%; wood and furniture with US$6.5 billion, up 15.4%; vehicles and parts with US$5.7 billion, up 7%.
Phones and parts recorded the highest export turnover of US$33 billion, accounting for 19.4% of total exports and up 4.3% year-on-year.
In the January – August period, the US remained Vietnam's biggest export market, spending US$38.6 billion on Vietnamese goods, up 25.3% year-on-year, followed by the European Union with US$27.7 billion, down 0.5%, and China with US$23.8 billion, down 2.5%.
Meanwhile, China remained Vietnam's largest import market with turnover of US$49.2 billion, an 18.2% climb year-on-year.
South Korea claimed the second place by exporting US$31 billion worth of goods to Vietnam, down 0.3% year-on-year, followed by ASEAN with US$21.6 billion, up 4.6%.
Illustrative photo.
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In August, Vietnam exported goods worth US$24.5 billion, up 6.6% month-on-month, while imports reached US$22.8 billion, down 0.6%.
Overall, Vietnam's trade turnover reached US$336.56 billion in the January – August period, of which its export value amounted to US169.98 billion, up 7.3% year-on-year, and imports totaled US$166.58 billion, up 8.5%.
According to the report, Vietnam's export staples during the January - August period were electronic products, computers and components with US$21.9 billion, up 14.3% year-on-year; garment with US$21.7 billion, up 9.8%; footwear with US$12 billion, up 13.1%; equipment, parts with US$11.3 billion, up 5.8%; wood and furniture with US$6.5 billion, up 15.4%; vehicles and parts with US$5.7 billion, up 7%.
Phones and parts recorded the highest export turnover of US$33 billion, accounting for 19.4% of total exports and up 4.3% year-on-year.
In the January – August period, the US remained Vietnam's biggest export market, spending US$38.6 billion on Vietnamese goods, up 25.3% year-on-year, followed by the European Union with US$27.7 billion, down 0.5%, and China with US$23.8 billion, down 2.5%.
Meanwhile, China remained Vietnam's largest import market with turnover of US$49.2 billion, an 18.2% climb year-on-year.
South Korea claimed the second place by exporting US$31 billion worth of goods to Vietnam, down 0.3% year-on-year, followed by ASEAN with US$21.6 billion, up 4.6%.
