Vietnam posts $3.1-billion trade surplus in Jan-July

Domestic companies accounted for $39 billion of the exports, up 18.7 percent, while foreign firms registered $94.7 billion, up 14 percent, according to the General Statistics Office (GSO).

Cell phones and components topped the list of exports at $26.1 billion, followed by textile and garment at $16.5 billion and electronics and computers and components at $15.7 billion.

The U.S. was the biggest importer, with shipments rising by 8.9 percent to $25.5 billion.

The EU was second with $24.2 billion, up 12.9 percent, followed by China with $19.5 billion, up 24.7 percent.

Imports rose by 10.2 percent to $130.6 billion, with domestic companies accounting for $54.16 billion spent by firms, up 12.7 percent. 

Imports by foreign companies were up 8.5 percent.

The GSO has however warned exporters and importers to be prepared for any eventuality given the ongoing trade war between the U.S. and China.

The U.S. imposed 25 percent tariffs on an initial $34 billion of imports from China on July 6, which then led China to respond with similar sized tariffs on U.S. products, according to Reuters.

The Donald Trump administration claims the tariffs are necessary to protect national security and U.S. businesses’ intellectual property, and to reduce the country’s trade deficit with China.

The administration said Wednesday that Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion (152.33 billion pounds) worth of Chinese imports, Reuters said.