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| Workers at Cuu Long Fish JSC in An Giang province__Photo: VNA |
Vietnam recorded a trade surplus of USD 3.03 billion in January, despite overall trade activity showing signs of contraction, according to data released by the General Statistics Office on February 6.
Total import-export turnover reached USD 63.15 billion in January, marking a 10.5 percent decrease from the previous month and a 3.5 percent drop compared to the same period last year.
The foreign-invested sector drove Vietnam’s trade performance as it generated a surplus of USD 4.43 billion, while domestic firms posted a deficit of USD 1.4 billion.
Export revenue in January totaled USD 33.09 billion, falling 4.3 percent year-on-year, with seven product categories logging USD 1 billion in value each, collectively accounting for 67.9 percent of total export. The manufacturing and processing sector dominated the export structure, contributing 89 percent of total export value, while agricultural and forestry products made up 8 percent, and aquatic products 2.3 percent.
Vietnam spent USD 30.06 billion on imports, a year-on-year decrease of 2.6 percent, with three import categories surpassing the USD 1 billion mark, representing 49.3 percent of total import. Some 94 percent of the money was for capital goods and equipment while the remaining for consumer goods.
The US was Vietnam’s largest export market in the month, with turnover reaching USD 9.8 billion, while China was the biggest source of Vietnamese imports at USD 11.6 billion.
While Vietnamese goods have numerous opportunities to benefit from preferential tariffs in FTA markets, rules of origin serve as a critical tool for securing these benefits. However, they can also nullify tariff advantages if products fail to meet origin requirements.
The Ministry of Industry and Trade pledged to provide guidance and support for enterprises, helping them meet international commitments and Vietnamese regulations regarding product origin certification. Besides, it has paid due attention to administrative reform and settlement of businesses’ concerns over the issue.- (VNA/VLLF)
