Vietnam enjoys record trade surplus of nearly US$10 billion in 2019

12718

Vietnam reports an all-time high trade surplus of US$9.94 billion in 2019. (Illustrative image)

Vietnam reported an all-time high trade surplus of US$9.94 billion in 2019, making positive contributions to the balance of payments and stabilising other macroeconomic indices, according to the Ministry of Industry and Trade.

The country posted total import and export revenue of US$516.96 billion in 2019, up 7.6% compared to 2018. Of which, the export revenue was estimated at US$263.45 billion, a year-on-year increase of 8.1%, which was notably higher than the target set by the National Assembly and the Government of 7-8%.

The manufacturing and processing sector made the largest contribution to the export revenue of Vietnam with an export revenue of US$222.172 billion, accounting for 84.3% of the country’s total export revenue in 2019.

Meanwhile, the Vietnam’s import revenue was estimated to reach US$253.5 billion in 2019, a year-on-year increase of 7%, resulting in a trade surplus of US$9.94 billion, the trade surplus in the fourth consecutive year.

According to the Ministry of Industry and Trade, the export achievement was attributed to the ministry’s negotiations on market expansion. With 16 signed free trade agreements (FTA), including 12 effective FTA, a number of new markets have been opened to Vietnam, facilitating the country’s export activity.

The ministry aims at an export revenue growth of 7-8% in 2020.

For more information, please contact Vietnam Trade Office in Canada at Ca@moit.gov.vn