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Vietnam trade remains US$3 bln surplus reach in first four months

April 29, 2020 | 15:22

Vietnam posted a trade surplus of approximately US $3 billion in the first four months 2020, up 3.4% year-on-year, according to the latest statistics released by the General Statistics Office.

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Vietnam trade remains US$3 bln surplus reach in first four months
Vietnam reports total trade surplus of nearly US$3 billion. (Illustrative image)

On breaking down, the domestic-invested sector is estimated to post a trade deficit of US$7.1 billion in the four-month period while foreign-invested firms recorded a trade surplus of US$10.1 billion.

Domestic companies' exports are estimated to have expanded 12.1% year-on-year to US$26.45 billion during the period, accounting for 31.9% of the country's exports. Meanwhile, FDI firms reaped US$56.49 billion from overseas shipments, up 1.5% and accounting for 68.1% of the total.

In April alone, Viet Nam’s exports and imports hit US$19.7 billion and US$20.4 billion, down 18.4% and 7.9% compared to the previous month, respectively.

Vietnam trade remains US$3 bln surplus reach in first four months
Viet Nam enjoys a trade surplus of US$3 billion in the first four months of 2020, according to the General Statistics Office.(Photo: chinhphu)

Overall, Vietnam's trade turnover is likely to have reached US$162.83 billion in the January – April period, up 3.4% year-on-year, of which its export value could amount to US$82.94 billion, up 4.7% year-on-year, and imports are estimated at US$79.89 billion, up 2.1%, reported by vietstock

During the reviewed period, 15 items joined the US$1 billion export club, accounting for 80.1% of the total export value.

Growingly concerned about the potential suspension of trade in Vietnam’s major markets due to the Covid-19 pandemic, local companies had boosted export-import activities in the last 10 days of March. Notably, Samsung have completed exporting its new model smartphones.

Consequently, phones and parts are predicted to earn the largest export turnover among export staples during the January-April period at US$16.2 billion, up 1.1% year-on-year and accounting for 19.5% of Vietnam’s total exports.

It is reported by VGP that Vietnam’s key export items included phones and accessories (US$16.2 billion), electronics, computers and spare parts (US$12.4 billion), garment (US$8.9 billion), machines, equipment and tools (US$6.9 billion), footwear (US$5.5 billion), timber and wooden products (US$3.4 billion), vehicles and tools (US$2.7 billion) and aquatic products (US$2.2 billion).

In addition, electronic products, computers and components earned an estimated US$12.4 billion, up 28.6% year-on-year; garments with US$8.9 billion, down 5.8%; equipment and parts with US$6.9 billion, up 29.6%; footwear with US$5.5 billion, up 1.3%; wood and wooden products with US$3.4 billion, up 10.1%; transportation vehicles with US$2.7 billion, down 3.9%; fishery with US$2.2 billion, down 8.5%, among others.

The US remained the largest importer of Viet Nam in four months with US$20.3 billion, up 13.4%. It was followed by China (US$13.1 billion), the EU (US$10.7 billion), ASEAN (US$8.2 billion), Japan (US$6.7 billion) and the Republic of Korea (US$6.2 billion).

China was the largest exporter of Viet Nam in four months with US$22.7 billion, down 0.1%, followed by the Republic of Korea (US$15.5 billion), ASEAN (US$9.9 billion), Japan (US$6.4 billion), the US (US$4.7 billion) and the EU US$4.5 billion.

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