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VN reaches trade surplus record of $18.72 billion in the first 10 months of 2020

October 30, 2020 | 17:19

Generally, in the first 10 months of 2020, Vietnam's balance of trade is estimated to reach an export surplus record of 18.72 billion USD, according to the General Statistics Office of Vietnam.

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VN reaches trade surplus record of $18.72 billion in the first 10 months 2020
Vietnam reaches trade surplus record of $18.72 billion in the first 10 months of 2020. (Photo: Bao Moi)

According to the statistics agency, although the COVID-19 situation is complicatedly developing worldwide, Vietnam's import and export activities still maintain a positive increase, in which the domestic economy marks a considerable contribution.

It is estimated that in October 2020, export turnover of goods would reach US $ 26.7 billion, decreasing at 1.7% in comparison with the previous month's figures and increasing at 9.9% comparing to that in the same period last year.

Generally, in 10 months of 2020, Vietnam's export turnover of goods is calculated to hit 229.27 billion USD, 4.7% higher than that of the same period last year. The import turnover of goods is expected to reach US $ 24.5 billion, 1.2% higher than that of the previous month and 10.1% higher than the same period last year. In September 2020, Vietnam saw an export surplus of 3 billion USD. Trade surplus in the first 9 months was 16.52 billion USD. In October, experts estimates a trade surplus of 2.2 billion USD. Generally, in the first 10 months of 2020, the balance of trade in goods is estimated to have a record export surplus of 18.72 billion USD.

Domestic trade in October is expected to continue its uptrend, with total retail sales of consumer goods and services estimated at 450.8 trillion VND, 2.4% higher than the previous month and 6.1% than the same period last year. Generally in the first 10 months of 2020, the total retail sales of consumer goods and services reached 4,123 trillion VND, marking an increase of 1.3% over the same period last year, if excluding the price factor, it would decrease by 3% (comparing to the same period last year).

Also in the same month, the number of international visitors coming to Vietnam increases by 7.6% over the previous month but still decreases by 99,1% over the same period last year because Vietnam has not yet opened up to international tourism.

VN reaches trade surplus record of $18.72 billion in the first 10 months 2020
Sectors of the economy are entering a state of stable operation under new normal conditions. (Photo: Bao Moi)

Industrial production and business registration continued to flourish

Due to Vietnam's well control over COVID-19 pandemic, sectors of the economy are entering a state of stable operation under new normal conditions. Industrial production in October 2020 continues to flourish, especially in the industry of processing and manufacturing.

The index of industrial production (IIP) in October 2020 is estimated to increase by 3.6% from the previous month and by 5.4% from the same period last year.

Generally, in the first 10 months of 2020, the whole country had nearly 111.2 thousand newly established enterprises. Investment capital from the State budget in October 2020 was 52 trillion VND, 42.2% higher than the same period last year. The total foreign investment capital into Vietnam as of October 20, 2020 reached 23.5 billion USD, decreasing 19.4% over the same period last year.

Pig husbandry is gradually restored, the total number of pigs sold in the month increases by 7.6% over the same period last year; the total number of cows increased by 2.5%; total poultry increased by 4.3%; total buffalo decreased 2%.

VN reaches trade surplus record of $18.72 billion in the first 10 months 2020
Consumer price index hits lowest point in 5 years. (Photo: Petro Times)

Consumer price index hits lowest point in 5 years

The consumer price index in October 2020 has increased by 0.09% compared to the previous month and December of the previous year - all are the lowest levels in the 2016-2020 period.

The main factors affecting the consumer price index are the prices of educational services, which are increased to get close to the market price, and the effects of storms and floods in the central provinces. The average consumer price index in 10 months of 2020 increased by 3.71% over the same period last year.

Also in the first 10 months of this year, the whole country had 16.5 thousand households suffering from food shortage, corresponding to 66.5 thousand people suffering from food shortage, a decrease of 75.7% in the number of households and 75.9% decrease in the number of people compared to the same period last year. To overcome this problem, since the beginning of the year, all administrative levels, sectors and organizations have been supporting disadvantaged households with 733.6 tons of rice.

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Valerie Mai