Vietnam trade surplus increases in October
According to the General Department of Vietnam Customs, the trade balance of Vietnam in October has been positive for an amount of 900 million USD, thus increase the trade surplus of Vietnam until the end of October to be 1.23 billion USD.
Specifically, statistics from the General Department of Vietnam Customs showed that, in October, total export value of Vietnamese goods reached 37.9 billion USD, up 0.8% compared to the same period of last year. In which the total value of export reached 19.4 billion USD; up 0.3% and total value of import reached 18.5 billion USD, up 1.4%.
With the result mentioned above, in October, total export value of Vietnamese goods is expected to reach 346.22 billion USD, up 21.3% compared to the same period of 2016; in which the total export value reached 173.72 billion USD, up 20.7% and total import value reached 172.49 billion USD, up 22%. The trade balance of Vietnamese goods in October is estimated to be positive of more than 900 million USD. Therefore, the trade surplus of Vietnam until the end of October will reach 1.23 billion USD.
The General Department of Vietnam Customs said, the major export goods of Vietnam include smart phones and related accessories, in which the estimated export value until the end of October is 5 billion USD, up 3.1% compared to the last month. Until the end of October, the export of smart phones and related accessories is estimated to reach 36.54 billion USD, up 28.8% compared to the same period of last year.
On the other hand, the major import goods of Vietnam include computers, electronic products and related accessories, in which the estimated export value until the end of October is 3.6 billion USD, decrease 3.9% compared to the last month. Until the end of October, the import of computers, electronic products and related accessories is estimated to reach 30.92 billion USD, up 35.3% compared to the same period of last year.The import of Equipment, devices and related accessories in October is estimated to be 2.6 billion USD, reducing 1.5% compared to the last month. Until the end of October, the import of Equipment, devices and related accessories is estimated to reach 27.98 billion USD, up 23.1% compared to the same period of last year.
Thanks to the significant rise in the first nine months, Vietnam’s export value is expected to reach $200 billion this year, much higher than the $187- 189 billion target set earlier this year. Officials said the national export value would have high growth potential this year because Vietnam has advantages in exporting certain key products, such as farming products, seafood, telephone components and garments. The most important aspect is that local exporters must reform themselves and make use of good opportunities in export markets around the world. For example, in terms of market structure, the United States has maintained its position as the largest export market for Vietnamese goods. However, according to the Ministry of Industry and Trade, local exporters’ greatest challenge in exporting their goods to this market is technical barriers, with strict standards for quality and food safety.
The barriers include regulations on inspections for pesticide residue in rice and regulations on testing for chemical and antibiotics residue in fisheries or catfish. These barriers have had a considerable impact on Vietnamese farming and seafood exports in recent years. Therefore, representative of the Ministry of Industry & Trade said, for the long term, enterprises processing and producing goods for export should improve their competitiveness and the quality of their products to meet food-safety standards to maintain and expand their export market in the United States.
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