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Friday, November 27, 2020

Vietnam posts US$1.9 billion in trade surplus from Jan-May

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HCMC – Vietnam exported goods worth some US$99.4 billion and spent US$97.5 billion on imports from January to May, resulting in a trade surplus of US$1.9 billion during the period, according to data from the General Statistics Office.

Statistics showed that exports fell 1.7% during the five-month period, while imports dropped 3.8% over the same period last year.

Domestic firms suffered a trade deficit of US$8.6 billion, while the foreign investment sector posted a trade surplus of US$10.5 billion including crude oil revenue.

The United States was Vietnam’s largest importer, with revenue of US$24.6 billion, followed by China, the European Union, the Association of Southeast Asian Nations and Japan.

There were 17 kinds of merchandise, whose export revenue amounted to over US$1 billion each. Phones and phone parts were the largest export earners with US$18 billion, while the export revenue of most key products fell compared with the same period last year, except rice, coffee and cashew nuts.

China remained the country’s largest supplier of products, with its import turnover reaching US$28.9 billion.

“The Covid-19 outbreaks across the nations that are Vietnam’s major partners have negatively affected the country’s imports and exports,” the General Statistics Office said in the report.

The Government has issued Resolution No. 84 asking ministries to accelerate measures to boost imports and exports.

The Ministry of Industry and Trade was tasked with ensuring sufficient supply of input materials for production, seeking new markets, promoting trade and taking advantage of free trade agreements, such as the EU-Vietnam Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

The Government assigned the Ministry of Agriculture and Rural Development with ensuring food security, taking steps to lift the European Commission’s “yellow card” placed on Vietnamese seafood products and boosting the exports of agricultural products, while the Ministry of Health was asked to simplify verification procedures for exported face masks, protective suits and medical devices.

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