Vietnam recorded a trade surplus of about 15.23 billion USD in the first seven months of this year, an increase of 1.34% over the same period last year, according to data released by the General Statistics Office of Vietnam (GSO) on July 29.

In the period, the total import-export turnover of goods hit 374.23 billion USD, posting a year-over-year decrease of 13.9%. Specifically, export value fell by 10.6% and import value 17.1%.

In the period, there are 30 items with export turnover of over 1 billion USD, accounting for 91.6% of the total export turnover at 194.7 billion USD. Particularly, five items posted an export turnover of more than 10 billion USD, accounting for 57.6%.

Meanwhile, import turnover was estimated at 179.5 billion USD, decreasing by 17.1% over the same period last year including 64.1 billion USD from the domestic economic sector and the remaining 115.4 billion USD from the foreign-invested sector.

Regarding the structure of imported goods in the past seven months, production materials accounted for 93.8% of total import value with 168.3 billion USD. Consumer goods accounted for only 6.2% (11.2 billion USD). 

The US was Vietnam’s largest export market with an estimated turnover of 52.4 billion USD, and China was Vietnam’s largest import market with an estimated turnover of 58.6 billion USD.

In the last seven months, Vietnam’s trade surplus with the US was estimated at 44.3 billion USD, down 24.1% over the same period last year while its trade surplus with the EU was 16.4 billion USD, down 11.9%. Vietnam posted a trade deficit of 0.9 billion USD with Japan.

According to a GSO representative, many key export products of Vietnam are facing difficulties because of the sharp decrease in global market demand. A large trade surplus that the economy continued to post has raised concerns that industrial production and exports will continue to face difficulties in the coming time. As Vietnam’s economy depends heavily on imported raw materials, the decrease in imports shows that enterprises are still short of orders, so there is no need to import input materials.

In the coming time, to further improve import and export efficiency, the Ministry of Industry and Trade will focus on renewing and promoting trade promotion activities targeting new markets and potential ones such as India, Africa, the Middle East, Latin America and Eastern Europe as well as those less affected by inflation like ASEAN countries.  

In addition, exporters also need to effectively take advantage of free trade agreements (FTAs), and facilitate and enhance digital transformation in the granting of preferential certificates of origin.

Director of the Trade Remedies Department under the Ministry of Industry and Trade Trinh Anh Tuan said that in the context of international economic integration, domestic manufacturing and exporting industries must constantly improve their competitiveness, improve production organisation to be able to compete equally with imported goods in the domestic market.

The ministry has been coordinating with relevant associations and units to closely monitor the production and import situation to promptly take appropriate measures to protect domestic manufacturers’  legitimate rights and interests, he said.

VNA