Vietnam is expected to enjoy a trade surplus for the fourth successive year this year and the nation’s total export and import value may attain US$500 billion in the second half of December 2019.
|Vietnam to enjoy trade surplus for fourth successive year (illustration photo) |
The excess of exports over imports hit US$9.11 billion over the recent 11 months of 2019, higher than the figure of the previous year (US$7.58 billion).
The number of commodities joining the US$1 billion export club increased from 20 in 2010 and 23 in 2015 to 31 in 2019. Otherwise, these commodities are not only in fields of industry but also other sectors such as agriculture and aquaculture.
The nation has continued taking advantages of traditional markets and developed new markets thanks to Free Trade Agreements (FTAs) and negotiating other FTAs. The continued administrative procedures reform and the provision of open frameworks for enterprises have created forces for the development of domestic export firms and expanded investment and export of products.
Vietnam’s exports to key markets saw high growths such as ASEAN US$23.4 billion, up 2.4%, Japan US$18.6 billion, up 7.6% and the Republic of Korea US$18.4 billion, up 10.1%.
The foreign-invested sector contributed US$166.7 billion to the nation’s total exports in 11 months, up US$3.8 billion.
Deputy Minister of Industry and Trade Do Thang Hai said that thanks to the monthly export value of US$43 billion, the nation’s total exports and imports may reach US$500 billion in the second half of December this year. The figure will increase by US$100 billion in only two years as the total exports and imports hit US$400 billion in 2017, a remarkable and acknowledged number of Viet Nam’s economy.