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Vietnam gains 6.5 billion USD trade surplus in 7 months

Source: Vietnam News Agency (VNA)    Time:2020-07-31 16:13:41
Vietnam achieved a trade surplus of 6.5 billion USD in the first seven months of this year, including 1 billion USD in July, according to the General Statistics Office (GSO).

The foreign-invested sector, including crude oil, recorded a trade surplus of 17.6 billion USD, the office said. However, the domestic economic sector had a trade deficit of 11.1 billion USD.

The office also noted that in the first seven months, the export value was estimated at 145.79 billion USD, up 0.2 percent over the same period last year.

Of which, the domestic economic sector continued to be the highlight with export value at 50.76 billion USD, up 13.5 percent while the foreign-invested sector reached 95.03 billion USD, accounting for 65.2 percent of total export value, down 5.7 percent year on year.

In July, the total export value was estimated at 23 billion USD, up 1.9 percent compared to last month. Of which, 8.5 billion USD was from the domestic economic sector, up 2.6 percent month-on-month and 14.5 billion USD from the foreign-invested sector, up 1.5 percent.

During the first seven months, 23 goods saw an export value of over 1 billion USD. Of which, the group of phones and components had the highest export value with 25.7 billion USD, but it fell by 6.6 percent over the same period last year.

The group of electronics, computers, and components followed with 23.1 billion USD, up 24.3 percent, tagged along by textiles and garments with 16.2 billion USD, down 12.1 percent.
The group of machinery, equipment, and spare parts had an export value of 12.4 billion USD, up 27.1 percent, and footwear with 9.5 billion USD, down 7.9 percent.

Exports of most agricultural products decreased compared to the same period last year, including fruit, vegetables, coffee, cashew, rubber and pepper. Only rice products gained a growth of 10.9 percent in export value to 1.9 billion USD.

The US was Vietnam’s largest export market in the first seven months of this year with a value of 37.9 billion USD, up 15 percent year on year. Other large export markets included China, EU, ASEAN, Japan and the Republic of Korea.

Meanwhile, China was Vietnam’s largest import market with an estimated value of 41.6 billion USD, down 1.8 percent year on year.

In the first seven months, the national import value was estimated at 139.33 billion USD, down by 2.9 percent compared to the same period last year. The import value was 61.86 billion USD from the domestic economic sector, up by 1.5 percent and 77.47 billion USD from the foreign-invested sector, down by 6.2 percent.

The Import-Export Department under the Ministry of Industry and Trade said Vietnam’s import and export of goods is expected to be better in the second half of this year because many countries have started easing disease control measures and opening markets to accelerate economic recovery.

In the second half of this year, the department expects the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) to create more export opportunities for Vietnam to the world's second largest market with a population of over 508 million people and a 18-trillion-USD GDP.

However, the department also said that Vietnam’s trade activities would continue to face unpredictable factors because the disease is not controlled completely. Therefore, the country would face difficulties in achieving growth in export value as in previous years.

Next year, the national export value is forecasted to depend on the control of the pandemic and re-opening of the world economy, according to the Import and Export Department.

The Ministry of Industry and Trade would continue to implement measures to remove difficulties and boost production and export, it said.

The ministry has proposed to the Government many solutions not only to remove difficulties for trade and export but also to maintain efficient production, reported chinhphu.vn.

Of which, the ministry has put into operation a website on the EVFTA at http://evfta.moit.gov.vn/ to help individuals and businesses study issues relating to the EVFTA including an overview of the deal, this FTA's commitments in key areas such as goods, services – investment and useful information for exporters.

In addition, the ministry has applied information technology to reform administrative procedures boosting exports.

At present, there are six online administrative procedures in the import and export fields to connect to the National Single Window system while 11 other administrative procedures are carried out entirely online at level 4.

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