Vietnam posted a trade surplus of US$3.96 billion during the eight months, a slight increase from the $3.52 billion surplus recorded in the same period of last year, according to the General Statistics Office (GSO).

Cargo handling at Dinh Vu port, Haiphong. Photo: Pham Hung

During the January-August period, Vietnam’s total trade turnover was estimated at $497.64 billion, up 15.5% year-on-year, in which exports rose by 17.3% to $250.8 billion, and imports hit $246.84 billion, up 13.6%.

Upon breaking down, the domestic sector posted an export turnover of $66.14 billion, up 18.4% year-on-year and making up 26.4% of the country’s total exports; while that of the foreign-invested sector was $184.66 billion, up 17% and making up 73.6%.

During the first eight months of 2022, the GSO noted over 30 categories of groups have an export turnover of over $1 billion, or 91.8% of the total.

The US remained Vietnam’s largest export market with a turnover of $77.7 billion, and China was the country’s largest import market with $82.1 billion.

Among Vietnam’s major trading partners, the country recorded a surplus of $21.6 billion with the EU, up 46.6%; but run deficits with China ($47.8 billion), South Korea (27.4 billion), ASEAN ($9 billion), and Japan ($320 million).

To further facilitate exports, the Ministry of Industry and Trade said it would help local businesses better take advantage of free trade agreements (FTAs) that Vietnam is a part of.

“The MoIT plans to hold trade promotion events based on online platforms; help local companies export farm produce at national-level trade exhibitions,” it said.

A key task mentioned by the agency is to continue simplifying administrative procedures; apply new customs regulations under the Vietnam National Single Window portal, and the ASEAN Single Window; promote the development of domestic firms to reduce the dependence on the FDI sector in production and exports.

According to the MoIT, global uncertainties would result in growing challenges for Vietnam’s trade performance during the remainder of the year.

In this regard, efforts are required to improve market forecast capability, especially in major markets to enhance local firms’ competitiveness and avoid risks of legal disputes.