14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

Vietnam’s trade surplus hits record high of US$11 billion in Jan-Nov

Ngoc Thuy

Dec 14, 2019 / 06:55 PM

The FDI sector posted exports of US$165.03 billion in the January – November period, up 4.1% year-on-year, accounting for 68.3% of Vietnam’s exports.

Vietnam posted a record high of US$10.94 billion in trade surplus in the first 11 months of 2019, higher than a surplus of US$9.01 billion recorded one month earlier, according to the General Department of Vietnam Customs (GDVC).

Data: GDVC. Chart: Ngoc Thuy.

In the first 11 months of the year, the country’s external trade volume hit US$472.36 billion, up 7.3% compared to the same period in 2018. Upon breaking down, exports totaled US$241.65 billion, up 7.9% year-on-year, and imports reached US$230.71 billion, representing an increase of 6.6%.

In the January – November period, foreign-invested companies had a total import-export value of US$297.87 billion, up 3.2% year-on-year. This included $165.03 billion in exports, up 4.1% year-on-year, accounting for 68.3% of Vietnam’s export turnover, and US$132.84 billion in imports, up 2.1%, making up 57.6% of total imports.

Meanwhile, the domestic sector recorded a trade value of US$174.49 billion, or 36.9% of Vietnam’s total trade revenue, up 15.1% year-on-year.

In a press conference held by the Ministry of Industry and Trade (MoIT) on December 12, Deputy Minister of Industry and Trade Do Thang Hai said Vietnam’s trade turnover is on track to exceed the US$500-billion mark for the first time by the second half of December.

Amid a slowdown in global economy and uncertainties around the world, particularly the US – China trade war and growing protectionism, this is an encouraging result for Vietnam, added Hai.

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