Vietnam posts 39% surge in trade turnover in January

Exports rose 29.7% compared to the same period last year to $43.19 billion, while imports surged 49.2% to $44.97 billion, resulting in a trade deficit of $1.78 billion.

Farmers harvest rice in HCMC, March 2024. Photo by VnExpress/Phung Tien

Of total exports, the domestic sector earned $9.51 billion, while the foreign-invested sector, including crude oil, accounted for $33.68 billion.

Nine export items recorded turnover of over $1 billion in the month, making up 72.4% of total exports.

Processed industrial goods led Vietnam’s exports with $38.43 billion, accounting for 89% of the total, followed by agro-forestry products at $3.65 billion (8.5%), seafood at $1.01 billion (2.3%), and fuels and minerals at $0.1 billion (0.2%).

The U.S. remained the largest importer of Vietnamese goods with a turnover of $13.9 billion, while China was its biggest import market, recording $19 billion.

During the reviewed period, Vietnam recorded a trade surplus of $12 billion with the U.S., $3.9 billion with the E.U., year-on-year increases of 28.6%, and 3.9%, respectively. Meanwhile, the surplus with Japan stood at $0.2 billion, down 59.9%. Meanwhile, trade deficits expanded to $12.7 billion with China (up 52.1%), $3.4 billion with the Republic of Korea (up 74.9%), and $1.3 billion with ASEAN (up 92.2%).

To boost exports, NSO Director General Nguyen Thi Huong suggested the Government effectively implement export promotion measures, step up trade promotion, diversify supply chains, production networks and export-import markets in tandem with improving product quality, and deepen Vietnam’s participation in regional and global supply chains.

She also underscored the need to effectively leverage existing free trade agreements, expand exports to major markets, and tap new and potential destinations such as the Middle East, Halal markets, Latin America and Africa, with a view to achieving sustainable trade surpluses. At the same time, she stressed the importance of tracking recovery trends and promoting bilateral and multilateral trade agreements to diversify export markets.

The State should step up information provision and support for businesses to meet market standards, handle trade remedy cases, access capital, and apply high technologies to improve product quality, value and export capacity, she added.