Vietnam posted a trade surplus of $14.08 billion in the first seven months of this year, according to the General Statistics Office’s announcement on July 29.
During this period, the country’s total trade turnover reached nearly $440 billion, with exports amounting to $226.98 billion and imports to $212.9 billion, reflecting year-on-year increases of 15.7% and 18.5%, respectively.
The domestic sector contributed 27.8% to the total export value, while the foreign-invested sector (including crude oil) accounted for 72.2%. On the import side, the domestic sector contributed $78 billion, up 21.5%, while the foreign-invested sector increased by 16.9% to $134.9 billion.
In July alone, the trade value was $69.72 billion, marking an 8.7% increase from the previous month and a 21.8% rise from the same period last year. Specifically, exports reached $35.92 billion, a 19.1% year-on-year increase, while imports grew by 24.7% to $33.8 billion.
The U.S. remains Vietnam’s largest export market, with revenues reaching $66.1 billion, while China is the leading source of imports, totaling $79.2 billion.
Le Quoc Phuong, former deputy director of the Vietnam Industry and Trade Information Centre, expressed confidence in reaching the target of $377 billion in export revenues for 2024, representing a 6% growth rate. He noted that Vietnamese businesses are well-positioned to capitalize on opportunities from free trade agreements (FTAs).
Phuong highlighted that Vietnam ranks among the top global exporters of products such as rice, pepper, and garments. He emphasized the importance of continuing to improve product quality to meet the standards of import markets.
He also suggested that companies should diversify their markets and explore new ones, such as the Middle East, Africa, and South America, to reduce reliance on a limited number of markets.
According to Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade, Vietnam’s export and import activities have been strong during this period.
The ministry is expediting negotiations for the Comprehensive Economic Partnership Agreement with the UAE and promoting the effective implementation of existing FTAs to support enterprises.
