70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam trade surplus set to expand to US$2.8 billion in Q1
Hai Yen 17:34, 2020/03/28
Vietnam's trade turnover is expected to reach US$115.34 billion in the January – March period, down 0.7% year-on-year.

Vietnam reported an estimated trade surplus of US$1 billion in March, helping to expand the trade surplus to US$2.8 billion in the first quarter, higher than the surplus of US$1.5 billion in the same period last year, the General Statistics Office (GSO) has said in a monthly report.

On breaking down, the domestic sector is estimated to post a trade deficit of US$4.4 billion in the January - March period while foreign-invested firms recorded a trade surplus of US$7.2 billion. The former’s exports are predicted to expand 8.7% year-on-year to US$18.65 billion during the period, accounting for 31.6% of the country's exports. Meanwhile, FDI firms reaped US$40.43 billion from overseas shipments, down 2.9% and accounting for 68.4% of the total.

In March, Vietnam exported goods worth an estimated US$20 billion, down 4.1% inter-monthly, while imports are estimated to expand by 2.3% to US$19 billion.

 Data: GSO. Chart: Hai Yen. 

Overall, Vietnam's trade turnover is expected to reach US$115.34 billion in the January – March period, down 0.7% year-on-year, of which its export value could amount to US$59.08 billion, up 0.5% year-on-year, and imports are estimated at US$56.26 billion, down 1.9%.

According to the report, the spread of the Covid-19 pandemic in Vietnam’s major trade partners, including China, South Korea, the US and EU, are causing negative impacts on trading activities of a number of Vietnam's key products.

Among export staples during the three-month period, phones and parts are predicted to earn the largest export turnover of US$12.4 billion, up 2% year-on-year and accounting for 20.9% of Vietnam’s total exports.

In addition, electronic products, computers and components earned an estimated US$8.2 billion, up 16.2% year-on-year; garment with US$6.5 billion, down 8.9%; equipment and parts with US$4.7 billion, up 17.7%; footwear with US$3.9 billion, down 1.9%; wood and wooden products with US$2.5 billion, up 9.5%; transportation vehicles with US$2 billion, down 5.5%; fishery with US$1.6 billion, down 11.2%.

 Data: GSO. Chart: Hai Yen. 

In the January – March period, the US remained Vietnam's biggest export market, spending US$15.5 billion on Vietnamese goods, up 16.2% year-on-year, followed by China with US$8.4 billion, up 11.5%, and the EU with US$7.5 billion, down 14.9%. 

Meanwhile, China continued to be Vietnam's largest supplier, selling US$13.3 billion worth of goods to Vietnam, down 18% year-on-year. 

South Korea could claim the second place by exporting US$11.7 billion worth of goods to Vietnam, up 2.4% year-on-year, followed by ASEAN countries with US$7.2 billion, down 8.3%. 

TAG: Vietnam trade surplus first quarter covid-19 coronavirus nCoV pandemic China United States EU ASEAN
Other news
13:16, 2024/05/28
World Bank ready to lend Vietnam US$11 billion in 5 years
Funds should be allocated to major transformative projects to maximize the efficiency of the investment and streamline procedures.
13:09, 2024/05/28
Central bank stops gold auction
As a long-term solution, experts urged the State Bank of Vietnam (SBV) to consider revising Decree 24 on gold market management and ending the monopoly on SJC gold bars.
17:54, 2024/05/27
Vietnamese Gov't urged to cut business working week to 44 hours
The Labor Code stipulates that workers should not work more than eight hours per day and 48 hours per week under normal conditions.
10:24, 2024/05/25
Vietnam, Japan continue to expand comprehensive strategic relations
Vietnam considers Japan a first-rate and long-term partner.
11:23, 2024/05/24
Vietnam continues to promote political stability for long-term growth: Deputy PM
The Vietnamese Government remains committed to helping investors overcome challenges, turn risks into opportunities, and achieve rapid and sustainable development.
16:29, 2024/05/23
Japan to support Vietnam in developing highly skilled workforce in emerging fields
The Japan Business Federation (KEIDANREN) considers Vietnam one of its most important partners and is committed to cooperation in digital and green transformation.