Vietnam trade hits $517 bln peak

By Anh Minh   December 26, 2019 | 08:30 pm PT
Vietnam trade hits $517 bln peak
A woman rides a motorcycle as she passes containers at a port in Hai Phong City, northern Vietnam. Photo by Reuters/Kham.
Vietnam’s foreign trade for the first time reached $517 billion this year, with trade surplus a record-high of $9.9 billion.

Trade value grew 8 percent year-on-year, with exports upping at the same rate to $263.5 billion, Minister of Industry and Trade Tran Tuan Anh said Friday, citing estimated figures.

The number of trade items valued over $1 billion was 32, 1.5 times higher than in 2011. Six were over $10 billion each, and eight over $5 billion.

Japan, the U.S., the E.U. and ASEAN were major export markets. Vietnam had a trade surplus of $46.7 billion with the U.S., and almost $27 billion with the E.U.

However, Minister Anh expects challenges in trade next year due to the persisting U.S.-China trade war and increasing protectionism.

This is the fourth year in a row Vietnam records a trade surplus. The value was $6.3 billion in 2018 and $2.1 billion in 2017.

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