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Vietnam's economy recorded a trade surplus of USD 11.1 billion (Photo: Bizlive)

Vietnam's economy recorded a trade surplus of USD 11.1 billion, while the foreign invested sector (including crude oil) posted a surplus of US$17.6 billion, according to VOV.

The Covid-19 epidemic is becoming more complicated, and has affected Vietnam's import and export. The total import and export turnover of during the 7 months of the year endured a drop of 1.3% to USD 285.12 billion in comparison to the same period last year.

Vietnam's exports in the remaining months of 2020 is expected to face challenges in the short run. However, the EU-Vietnam Free Trade Agreement (EVFTA) will open up great opportunities for local businesses to enhance exports to the EU with key items such as garments and textiles, footwear, agro-fishery products, and wood furniture.

The total import and export turnover in 7 months of 2020 was estimated at USD 285.12 billion (Photo: Nhan Dan)

According to the General Statistics Office, the total import and export turnover in 7 months of 2020 was estimated at USD 285.12 billion, down 1.3% over the same period. The exports are mainly based on the domestic economic sector.

In 7 months of 2020, Vietnam's export turnover was estimated at nearly US $ 146 billion, up 0.2% over the same period last year. The domestic economic sector increased by 13.5%, while the foreign invested sector recorded a decrease of 5.7%.

The US is Vietnam's largest export market in 7 months with a turnover of US $ 37.9 billion, up 15% over the same period last year; followed by China with 23.5 billion USD, up by 18.4%.

The markets with decreasing export turnover include: EU reached 19.5 billion USD, down 5.9%; ASEAN reached 12.8 billion USD, down 15.4%; Japan reached 10.9 billion USD, down 5%; South Korea reached 10.7 billion USD, down 0.4%, VTV reported.

In 7 months of 2020, Vietnam's export turnover was estimated at nearly US $ 146 billion (Photo: Tuyen Quang News)

Vietnam's import in 7 months was estimated to reach more than US $ 139 billion, down 2.9% over the same period last year.

China is the largest export market to Vietnam, with an estimated turnover of US $ 41.6 billion, down 1.8% compared to the same period last year; South Korea reached 24.3 billion USD, down 9.2%; ASEAN reached 16.7 billion USD, down 11.3%; Japan reached 11.2 billion USD, up 5.1%; the United States reached 8.3 billion USD, up 2.5%; EU reached 8.3 billion USD, up 6%.

In June, Vietnam had a trade surplus of USD 1.9 billion, 6 months of trade surplus 5.5 billion USD. In July, the trade surplus was estimated at US $ 1 billion. For the first 7 months of 2020, the trade balance of goods is estimated to have a surplus of USD 6.5 billion.

If the pandemic is brought control in Europe along with the EVFTA into effect, Vietnamese businesses will have great advantages from reduction and elimination of tariff on the EU market, thus making it easier for Vietnam to gain access to the world's second largest import market with a population of over 508 million and a GDP of roughly USD 18,000 billion.

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