Vietnam’s trade surplus reached a record high of $9.9 bn in 2019, according to the General Statistics Office’s monthly report, which revealed last year’s surplus was also the highest seen in the past four years, after $1.6 bn in 2016, $1.9 bn in 2017 and $6.8 bn in 2018.
The nation’s trade turnover surpassed the $500-bn mark for first time in 2019, witnessing the stronger growth of the Vietnamese-invested sector compared to foreign invested sector, according to the report. During the year, overseas shipments earned the country $263.45 bn, up 8.1 per cent year-on-year and higher than the target set by the National Assembly and the government of 7-8 per cent.
The domestic sector contributed $82.1 bn, or 31.2 per cent, of total exports, up 18 per cent year-on-year, while the foreign-invested sector made up $181 bn, up 4.2 per cent year-on-year or 68.8 per cent of the total (down 2.5 percentage points year-on-year).
Six groups of goods posted an export value of more than $10 bn, including mobile phones and spare parts with $51.8 bn, up 5.3 per cent; computers and components ($35.6 bn or 20.4 per cent); textiles and garments ($32.6 bn or 7 per cent); machinery, equipment and parts ($18.3 bn or 12 per cent), footwear ($18.3 bn or 13 per cent) and wood and wooden goods ($10.5 bn or 18 per cent)., according to a report.
The US retained its position as the largest export market of the country with a turnover of $60.7 bn in 2019, marking a yearly hike of 28 per cent. It was followed by the European Union ($41.7 bn), China ($41.5 bn), ASEAN ($25.3 bn), Japan ($20.3 bn) and South Korea ($19.8 bn).
From January to December, the country’s import revenue experienced a modest yearly increase of 7 per cent, reaching $253.51 bn. It added imports mainly served export production at foreign-invested enterprises which accounted for 91.2 per cent of the total import value.
Goods categories reported a significant import turnover such as raw materials with $119.5 bn or 47 per cent of the total value; machinery, means of transport and parts ($111.7 bn, or 44 per cent) and consumer goods ($22.3 bn or 9 per cent).
China continued to be the largest import market of Vietnam with a total turnover of $75.3 bn, signifying an increase of 15 per cent. That meant Vietnam had to face an all-time high trade deficit of $33.8 bn with its neighbour. Meanwhile, Vietnam’s trade deficit with other markets such as ASEAN and South Korea experienced a slight decrease of 6 per cent at $27.5 bn and 3.2 per cent at $6.8 bn, respectively.
