29.06.2020, 15:33

Vietnam trade surplus widens to US$4 billion in H1

Vietnam reported an estimated trade surplus of US$500 million in June, expanding the country’s trade surplus to US$4 billion in the January – June period, compared to a US$1.7-billion surplus recorded in the same period last year, the General Statistics Office (GSO) has said in a monthly report.

Vietnam trade surplus widens to US$4 billion in H1
 Vietnam trade surplus rises to US$4 billion in H1.

On breaking down, the domestic-invested sector is estimated to post a trade deficit of US$10.2 billion in the six-month period while foreign-invested firms recorded a trade surplus of US$14.2 billion.

Domestic companies’ exports are estimated to have expanded 11.7% year-on-year to US$41.38 billion during the period, accounting for 34.1% of the country’s exports. Meanwhile, FDI firms reaped US$79.83 billion from overseas shipments, down 6.7% and accounting for 65.9% of the total.

In June, Vietnam exported goods worth an estimated US$21 billion, up 9.5% inter-monthly, while imports are estimated to have increased by 12.8% to US$20.5 billion.

The complicated progression of the Covid-19 pandemic in Vietnam’s major markets continued to exert negative impacts on the country’s trading activities, noted the GSO.

Overall, Vietnam’s trade turnover is likely to have slipped 2.1% year-on-year to reach US$238.4 billion in the January–June period, down 2.1% year-on-year. Of the total, its exports slipped 1.1% year-on-year to US$121.21 billion, and imports are estimated at US$117.17 billion, down 3%.

Among Vietnam’s major trading partners, the country’s trade surplus with the European Union (EU) witnessed a sharp decline of 18.9% year-on-year during the six-month period to US$9 billion, while its trade deficit with China decreased 19.3% to US$15.3 billion.

Vietnam’s trade deficit with South Korea and ASEAN also shrank by 18.3% and 2.4% year-on-year, respectively, to corresponding US$11 billion and US$3.1 billion.