Vietnam enjoys 10.6 billion USD trade surplus in 11 months

Vietnam recorded a trade surplus of 10.6 billion USD in the January-November period, the General Statistics Office announced on November 29.

In November, the import-export turnover is estimated at 57.58 billion USD, down 1.2% month-on-month and 7.8% year-on-year, bringing the total value in the first 11 months to 673.8 billion USD, up 11.8% year-on-year.

In the period under review, the export revenue is estimated at 342.2 billion USD, up 13.4% y-o-y, and import at 331.6 billion USD, up 10.1%.

Thirty-five commodities report an export turnover of more 1 billion USD each, with eight surpassing the 10-billion-USD mark, accounting for 93.7% and 70.1% of the total, respectively.

Forty-five products see the import value of over 1 billion USD, and six over 10 billion USD, making up 93.2% and 52.3% of the total, respectively.

The US is Vietnam’s biggest importer in the period, with the turnover estimated at 101.5 billion USD, while China is the country’s largest exporter, with 109.9 billion USD.

In the period, Vietnam also records a trade surplus of 29.4 billion USD with the European Union, and a trade deficit of 56.9 billion USD with China.

To promote export, Deputy Minister of Industry and Trade Do Thang Hai affirmed that in the last month, his ministry will a focus on supporting businesses in finding alternative suppliers of raw materials with suitable prices to ensure sufficient raw materials and fuel for production and consumption, and to make good use of signed free trade agreements to speed up production and export.

The facilitation of administrative procedures for enterprises will be further promoted through the application of digitalisation, typically in tax refund, import and export customs, and issuance of the Certificate of Origin.