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Vietnam achieved trade surplus of USD 4 billion in the first six months

14:53 | 01/07/2020

Data from the General Statistics Office (GSO) revealed that Vietnam reported a trade surplus of USD 4 billion during the first six months of 2020, a sharp increase compared to the same period last year despite considerable impacts of the Covid-19 pandemic. 

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vietnam achieved trade surplus of usd 4 billion in the first six months
Vietnam's trade turnover is likely to have reached US$238.4 billion (Photo: Industry and Trade News)

Vietnam's trade turnover is likely to have reached US$238.4 billion in the first half this year, down 2.1% year-on-year, according to VGP.

In June, Vietnam's exports reached an estimated US$21 billion, up 9.5% inter-monthly, while imports are estimated to have increased by 12.8% to US$20.5 billion.

The GSO noted that due to the effects of the coronavirus pandemic, import and export revenues of several goods have suffered significantly, particularly among Vietnam's leading trade partners, reported by Nhan Dan.

vietnam achieved trade surplus of usd 4 billion in the first six months
Rice - one of Vietnam's exported products (Photo: Bao dau thau)

Overall, Vietnam's trade turnover is likely to have dropped 2.1% year-on-year to reach US$238.4 billion in the January–June period.

Of the total, Vietnam's exports fell 1.1% year-on-year to US$121.21 billion, and imports are estimated at US$117.17 billion, down 3%. Of the figure, the foreign-invested sector reached US$79.83 billion, representing a decline of 6.7% and accounting for 65.9% of Vietnam’s overall export turnover.

The domestic economy earned a total of US$41.38 billion in export revenue, marking an increase of 11.7% and accounting for 34.1% of the total export value. 22 types of goods saw export revenue of over US$1 billion each, accounting for 86.2% of Vietnam's total export revenue.

In June, Vietnam enjoyed a trade surplus of US$500 million alone. In particular, the domestic economic sector recorded a trade deficit of US$10.2 billion, while the foreign-invested sector experienced a trade surplus of US$14.2 billion during the first half of the year.

vietnam achieved trade surplus of usd 4 billion in the first six months
Textile as a strong product for Vietnam's exports (Photo: Cong luan)

Therefore, Vietnam enjoyed a trade surplus of US$4 billion, while a trade surplus of US$1.7 billion was posted for the same period last year.

According to experts, the positive trade surplus is expected to boost the national payment balance, contribute to increasing foreign exchange reserves and stabilize the VND/USD exchange rate. It will also fasten economic growth by stimulating market consumption.

Among Vietnam's primary trading partners, the country's trade surplus with the European Union (EU) saw a sharp decline of 18.9% year-on-year during the six-month period to US$9 billion. Meanwhile, its trade deficit with China decreased by 19.3% to US$15.3 billion.

Vietnam's trade deficit with the Republic of Korea and ASEAN also shrank by 18.3% and 2.4% year-on-year, respectively, to corresponding US$11 billion and US$3.1 billion, informed VOV.

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