Vietnam’s trade surplus reaches five-year high

Monday, 2020-12-28 11:28:48
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NDO – Vietnam posted a total trade surplus of US$19.1 billion in 2020, the highest level in the past five years, the General Statistics Office (GSO) announced at the press brief held in Hanoi on December 27.

The GSO said that import and export activities have recorded positive results in 2020 despite the impact of the COVID-19 pandemic and the disruption of global trade.

The Vietnam’s total import and export revenue is estimated to have hit US$543.9 billion in 2020, up 5.1% over the same period last year, including US$281.5 billion worth of export revenue, up 6.5%, and US$262.4 billion in import revenue, up 3.6%.

Director of the GSO’s Trade and Service Statistics Department Nguyen Viet Phong said that the high trade surplus can be seen as a bright spot of the Vietnamese economy, contributing significantly to the economic growth in 2020 which will also create a positive impacton exchange rates and foreign exchange reserves in the context that Vietnam needs more resources to prepare foreconomic recovery in 2021.

The trade surplus of US$19.1 billion also demonstrated that Vietnam has made good use of opportunities from signed free trade agreements, particularly EU-Vietnam Free Trade Agreement (EVFTA).

As many as 31 groups of goods posted export revenue of over US$1 billion each, accounting for 91.9% of Vietnam’s total export revenue. Of which, six groups of goods recorded export revenue of over US$10 billion each, accounting for 64.3% of total export revenue of Vietnam.

In the meantime, 35 groups of goods reported import revenue of over US$1 billion each, accounting for 89.6% of Vietnam total import revenue, with four groups of goods having import revenue of over US$10 billion each, accounting for nearly 50% of Vietnam’s total import revenue in 2020.

The US was Vietnam’s largest export market while China was its largest import market in 2020.