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Home / Economy / Trade - Service
Vietnam to have the largest trade deficit with Korea
Ngoc Thuy 20:36, 2017/12/27
In 2017, China is the largest trade partner of Vietnam, however, Vietnam’s biggest trade deficit is no longer with China but Korea.
According to General Statistics Office of Vietnam, total trade value of Vietnam in December reached 39.1 billion USD. In which, export reached 19.3 billio USD, reducing 3.5% compared to last month, while import reached 19.8 billion USD, up 2.1%. 
 
Korea is the second largest trading partner of Vietnam.
Korea is the second largest trading partner of Vietnam.
With this result, trade value of Vietnam in 2017 reached 425 billion USD, in which export reached 213.77 billion USD, up 21% compared to the same period of last year, and higher than the growth rate of 9% in 2016. 

On the other hand, import in 2017 reached 211.1 billion USD, up 20.8% or 36.3 billion USD compared to 2016. According to General Statistics Office of Vietnam, trade value in 2017 reached 425 billion USD, resulting in trade surplus of 2.7 billion USD as a spotlight of the Vietnam’s economy in 2017. However, a major contribution to this result comes from the FDI sector with 28.8 billion USD, while the domestic sector still has trade deficit of 26.1 billion USD. 

Rapid growth rate of export in 2017 is thanks to strong performance of Samsung Corporation in expanding production and the successful new products, which contributed to a high level of export value. At the same time, investment in production expansion also lead to a high import demand for equipment and input materials. 

Specifically, among the export value of 213.77 billion USD in 2017, the FDI sector contributed 155.2 billion USD, up 23% and the domestic enterprises contributed 58.5 billion USD, up 16.2%, or equivalent to 8.2 billion USD.  While in the import value of 211.1 billion USD in 2017 with the growth rate of 20.8%, FDI sector contributed 126.4 billion USD, up 23.4% and the domestic enterprises contributed 84.7 billion USD, up 17%.

In 2017, China is the largest trading partner of Vietnam with 93.7 billion USD, in which export reached 35.3 billion USD, up 60.6% or 13.3 billion USD, and import reached 58.5 billion USD, up 16.9%, or 8.4 billion USD compared to the same period of 2016. 

Trade deficit from the Chinese market is expected to reach 23.2 billion USD, reducing 17.4% or 4.9 billion USD. While Vietnam’s export to China has increased thanks to a strong import demand from China for computers and related accessories with growth rate of 73.5%, or 3 billion USD; vegetables and fruits increased 57.6% or 1 billion USD; smart phones and accessories reached 679.8% or equivalent to 5.4 billion USD. 

Korea is the second largest trading partner of Vietnam with 61.8 billion USD, in which export value is 15 billion USD, up 31.1% or equivalent to 3.5 billion USD, import reached 46.8 billion USD, up 45.5% or equivalent to 14.6 billion USD. Trade deficit to Korea has been the biggest among Vietnam’s trading partners, with 31.8 billion USD, up 53.4%, or equivalent to 11.1 billion USD. 

According to statistics of the General Department of Vietnam Customs (Ministry of Finance), foreign trade value of Vietnam as well as the scale of the economy has significantly improved. Specifically, on December 01, 2007, trade value had reached 100 billion USD for the first time, while the scale of the economy is 77.4 billion USD. Four years later, until December 24, 2011, trade value of Vietnam reached 200 billion USD and the scale of economy was 133 billion USD. At present, after 6 years, this number has reached 400 billion USD and the scale of the economy reached 200 billion USD.
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