The domestic economic sector recorded a trade deficit of US$11.1 billion, while the foreign invested sector (including crude oil) posted a surplus of US$17.6 billion.
The COVID-19 epidemic is getting more and more complicated globally, continuing to negatively affect Vietnam’s import and export activities, with total import and export turnover of during the 7 months of the year endure a drop of 1.3% to US$ 285.12 billion in comparison to the same period last year.
The country’s exports in the remaining months of the year is anticipated to face plenty of difficulties in the short run. However, the EU-Vietnam Free Trade Agreement (EVFTA) having come into effect on August will open up great opportunities for local businesses to bolster exports to the highly lucrative EU market with key items such as garments and textiles, footwear, agro-fishery products, and wood furniture.
If the pandemic is brought control in Europe along with the EVFTA into effect, Vietnamese businesses will have great advantages from reduction and elimination of tariff barriers on the EU market, thus making it easier for Vietnam to gain access to the world’s second largest import market with a population of over 508 million and a GDP of roughly US$18,000 billion.
- Trade surplus estimated at US$1 billion in July
- Exports continued to be affected by Covid-19, the trade surplus increased to 6.5 billion USD
- Trade surplus reaches record of $5.46 billion
- Trade surplus reaches USD4 billion in first half
- Vietnam gains 6.5 billion USD trade surplus in 7 months
- Viet Nam gains $6.5b trade surplus in 7 months
- Vietnam’s agro-forestry-fishery exports reached US$3.4 billion in July
- Half-year trade surplus hits US$4 billion despite COVID-19
- Vietnam trade surplus widens to US$6.5 billion in 7 months