Vietnam enjoys trade surplus of over $2.8B in two months

According to the office, so far this year, the country has exported $49.44 billion worth of goods, down 10.4% over the same period last year, with $37.92 billion coming from the foreign-invested sector, accounting for 76.7%.

In February alone, total export revenue is estimated at $25.88 billion, up 9% over January and 11% year on year.

In the first two months of 2023, eight kinds of products recorded exports of over $1 billion, accounting for more than 69.9% of the total. Particularly, three enjoying revenue of over $5 billion.

The manufacturing-processing sector contributed $44.38 billion to the country’s total export revenue, accounting for 89.8%, while agro-forestry sector made up 6.9%, fisheries 2% and fuel and minerals 1.3%.

In January and February, the country spent $46.62 billion on importing goods, down 16% year on year, mostly on production materials. In February, the figure dropped 6.7% over the same period last year to $23.58 billion.

In the first two months of this year, imports of 13 groups of goods exceeded $1 billion, with two recording exports of more than $5 billion.

So far this year, the US has remained the largest export market of Vietnam with a revenue of $13.1 billion, while China has been the biggest import market with a value of about $14.6 billion.

In the January-February period, Vietnam’s trade surplus with the EU is estimated at $4.8 billion, up 1.8%. Meanwhile, the country has suffered a trade deficit of $6.4 billion with China, $4.7 billion with the Republic of Korea, $1.5 billion with ASEAN countries, and $237.2 million with Japan.

To meet the target of about 6% growth in export revenue this year, the Ministry of Industry and Trade has asked businesses to actively improve the competitiveness of their products, while expanding their export markets.

The ministry will strengthen the exploitation of potential markets nearby, while switching to official export channels in association with the building of trademark. The ministry will also renovate its trade promotion activities and develop digital infrastructure to increase distributions though e-commerce platforms.

Besides, the ministry will organize training courses for businesses and supporting them to make full use of free trade agreements.