Việt Nam to enjoy trade surplus for 9th consecutive year: experts

Việt Nam is expected to maintain a trade surplus for the ninth consecutive year in 2024, given its export growth in the remainders of the year equal to that during January-July, according to experts.

During the seven-month span, the country’s export revenue rose 15.7 per cent to US$226.98 billion, with a trade surplus of $14.08 billion, according to the General Statistics Office.

Experts forecast Việt Nam could ship $410 billion worth of products overseas, and enjoy a trade balance of more than $23 billion for the whole 2024.

An increase in trade surplus will contribute to improving the country’s balance of payments and international reserves to ensure the national financial security, they said.

In the first seven months of the year, there were 30 export products with a turnover of over $1 billion. Particularly, seven enjoyed an export value from $8 billion such as computers, electronic products and parts (nearly $39.9 billion), telephones and parts ($32.4 billion), and machines, equipment, tools and components (over $27.6 billion).

Several products with significant growth in export earnings included coffee (51.9 per cent), rice (18.2 per cent), pepper (45 per cent), rubber (14.8 per cent), cassava and cassava products (13.9 per cent).

As Việt Nam is among the world's top exporters for many products like rice, pepper and garments, it is critical for the country to continue to improve product quality to meet the requirements of import markets. Companies also need to diversify export markets and expand into others such as the Middle East, Africa and South America in order to minimise the risks from dependence on single or several markets, they suggested.