Vietnam Law & Legal Forum Magazine is your gateway to the law of Vietnam

Official Gazette

Saturday, February 4, 2023

Trade surplus increases, agriculture shines

Updated: 14:02’ - 24/12/2022
Vietnam enjoyed a trade surplus of nearly USD 11 billion in the first 11 months of 2022, of which the agricultural sector contributed significantly with USD 7.82 billion.

The Ministry of Industry and Trade previously forecast that the balance of trade in 2022 would present a surplus for the seventh consecutive year, with about USD 1 billion. But in fact, the figure jumped to USD 10.6 billion after 11 months, USD 10 billion higher than the same period last year. Export continues to be a bright spot in Vietnam's economic picture in the period.

According to the General Statistics Office, the import-export turnover in January-November hit nearly USD 674 billion, of which USD 342.2 billion came from exports, up 13.4 percent year-on-year, and the remaining from imports, up 10.1 percent.

However, the trade balances of the domestic and the FDI sectors are adverse. If the domestic sector had a trade deficit of USD 27.97 billion after 11 months, the FDI sector (including crude oil) recorded a trade surplus of USD 38.57 billion. The FDI sector also contributed 74.4 percent of the total export turnover.

In the period under review, agro-forestry-fishery exports stood at about USD 49.04 billion, higher than last year’s record of USD 48.6 billion.

The 11-month export rose 11.8 percent year on year while imports increased 6.9 percent to some USD 41.22 billion, resulting in a surplus of USD 7.82 billion – up 47.8 percent.

That made up a total trade of USD 90.26 billion, rising 9.5 percent year on year, statistics show.

Although orders tend to decrease due to high inflation in many major markets in the year-end, the sector’s export turnover this year is expected to reach USD 52.5-53 billion, nearly USD 3 billion higher than the set target.- (VNA/VLLF)
 

Send Us Your Comments:

See also:

Video

Vietnam Law & Legal Forum