Vietnam posts record high monthly trade surplus of US$2.8 billion in July
Vietnam attained a trade surplus of over US$8.4 billion during the first seven months of this year, significantly higher than the surplus of US$1.8 billion recorded in the same period last year.
Vietnam posted a trade surplus of US$2.8 billion in July, the highest since the beginning of the year and far exceeding the previous estimate of US$1 billion from the General Statistics Office, according to the General Department of Vietnam Customs (GDVC).
Data: GDVC. Chart: Ngoc Thuy. |
This came as the country’s trade turnover in July stood at US$47 billion, the highest monthly figure year to date and was nearly US$7 billion higher than the average number recorded in the first half of this year.
In July, Vietnam’s exports rose 10.2% month-on-month to US$24.87 billion, while imports increased 6.7% to US$20.10 billion.
Overall, between January and July, Vietnam’s total export value topped US$147.6 billion, up 1.5% year-on-year, and total import value was US$139.2 billion, down 3%. As a result, Vietnam’s trade surplus during the period stood at US$8.4 billion, significantly higher than a surplus of US$1.8 billion in the same period last year.
Bao Viet Securities Company (BVSC) suggested amidst the influence of the pandemic on trade of countries worldwide and declines of 20-40% in exports in various ASEAN countries such as Singapore, Thailand, and Malaysia, Vietnam’s 1.5% export growth the seven-month period is encouraging.
As Vietnam’s major exporting markets, such as the US and EU, are reopening the economy, BVSC expects that Vietnam’s exports will increase positively in the last two quarters of the year and grow of 3-5% in 2020.
Other News
- US taking move to recognize Vietnam as market economy a welcome sign: MoFA
- Vietnam reacts to potential BRICS membership in 2024
- Vietnam’s business environment is still trending upwards: PCI 2023 Report
- Vietnam posts trade surplus of US$8.4 billion in first four months
- No e-cigarette product allowed on Vietnamese market yet: Trade Ministry
- Nhon – Hanoi station metro line: An example of Vietnam-EU cooperation
- Tech giants pay nearly US$580 million in taxes in Vietnam
- French market awaits Vietnamese green, sustainable businesses
- Hanoi ranks second in the E-Business Index
- Vietnam among Asia-Pacific's fastest growing economies: FedEx
Trending
-
US taking move to recognize Vietnam as market economy a welcome sign: MoFA
-
Vietnam news in brief - May 10
-
The Battle of Dien Bien Phu – boundless inspiration for young creative artists
-
Bas-reliefs on Hue's nine dynastic urns listed as UNESCO heritage
-
Hanoi's oldest book street preserving the city's reading culture
-
Private investors: Key to build more parking lots in Hanoi
-
PM urges Cambodian cooperation to promote sustainable use of Mekong River
-
Vietnam seeks more information on Cambodia’s Funan Techo canal project
-
Hanoi: The 'epic victory' of Dien Bien Phu as seen in photos