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ECONOMYTRADE - SERVICE

Vietnam’s trade surplus reached 2.8 billion USD in 11 months

Updated at Wednesday, 29 Nov 2017, 19:25
The Hanoitimes - Starting the year, economic expert expressed concern over the huge trade deficit of Vietnam. However, in recent months, the trade balance has grown positively with trade surplus of 2.8 billion USD.
According to the statistics, the trade value of Vietnam in November reached 19.2 billion USD, reducing 5.4% compared to previous month, in which, the domestic sector contributed 5 billion USD, reducing 2.2% and the FDI sector (including crude oil) reached 14.2 billion USD, reducing 6.5%. 


In overall for the first 11 months, export value of Vietnam reached 193.8 billion USD, up 21.1% compared to the same period of last year, in which the domestic sector contributed 53.1 billion USD, up 16.8% and the FDI sector (including crude oil) reached 140.7 billion USD, reducing 22.8%.

As a result, according to the calculation of the Ministry of Industry & Trade, for the first time export value of Vietnam can reach 210 billion USD, while the growth rate of export can triple the original target from 7 – 8%. 

 Contributing to the rapid growth of export value are main export products of Vietnam. Notably, smartphones and related accessories in 11 months are estimated to grow 41.3%, up 30.6% compared to the same period of last year. While electronics products, computers and accessories reached 23.6 billion USD, up 38.1%; textile & garment reached 23.6 billion USD, up 9.5% and footwear reached 13 billion USD, up 11.6%. 

Meanwhile, for 11 months, import value is estimated to reach 191 billion USD, up 21% compared to the same period of last year. In which the domestic sector contributed 76.5 billion USD, up 17.9% and the FDI sector reached 114.5 billion USD, reducing 23.2%.

As a result, for the first 11 months of 2017, Vietnam has trade surplus of 2.8 billion USD, in which the domestic sector has trade deficit of 23.4 billion USD and the FDI sector has trade surplus of 26.2 billion USD. 

With this trend, there is a high possibility that the trade balance will continue to be positive in 2017. Starting the year, economic expert expressed concern over the huge trade deficit of Vietnam. However, in recent months, the trade balance has grown positively with trade surplus of 2.8 billion USD. As such, this is almost ensuring that in 2017, Vietnam will have trade surplus instead of trade deficit. 

Statistics also showed that China continues to be the biggest import market of Vietnam, with trade value of 52.1 billion USD, up 15.5% compared to the same period of last year; after that is Korea with 42.4 billion USD, up 46%; ASEAN with 25.4 billion USD, up 17.5%; Japan with 14.7 billion USD, up 7.5%; EU with 11 billion USD, up 10.5% and the US with 8.4 billion USD, up 7%. 

However, Vietnam is having the biggest trade deficit with Korea, as this number in 11 months of 2017 is 28.8 billion USD, up 54.8% compared to the same period of last year, while China is in the second place, with 21.8 billion USD, up 14.3% compared to the same period of last year. 
Ngoc Thuy
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