Vietnam has achieved a significant trade surplus of $14.08 billion in the first seven months of this year, reflecting strong export performance. During this period, Vietnam's trade turnover reached nearly $440 billion, with exports totaling $226.98 billion and imports at $212.9 billion, showing year-on-year increases of 15.7% and 18.5%, respectively.
The export growth was driven by the domestic sector, which contributed 27.8%, and the foreign-invested sector, including crude oil, which accounted for 72.2%. On the import side, the domestic sector contributed $78 billion, up 21.5%, while the foreign-invested sector saw a rise of 16.9% to $134.9 billion.
In July alone, trade value reached $69.72 billion, an 8.7% increase month-on-month and a 21.8% rise compared to the same period last year. Exports in July stood at $35.92 billion, a year-on-year increase of 19.1%, while imports rose by 24.7% to $33.8 billion.
The United States remains Vietnam's largest importer, while China is the country's largest exporter.
Experts are optimistic about Vietnam reaching its goal of $377 billion in export revenues, or a 6% growth rate for 2024, highlighting the preparedness of Vietnamese enterprises to seize opportunities from free trade agreements (FTAs).
Vietnam is a leading global exporter of products such as rice, pepper, and garments. Enhancing product quality to meet import market standards and diversifying markets to include regions like the Middle East, Africa, and South America are seen as critical steps to mitigate risks associated with dependency on a few markets.
Officials noted the robust performance of Vietnam's export and import sectors during this period. The ministry is accelerating negotiations for the Comprehensive Economic Partnership Agreement with the UAE and promoting active FTAs to benefit enterprises. It will continue to provide market updates to help companies develop appropriate production and market expansion plans.
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