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Vietnam’s trade surplus reached 2.56 billion USD by the end of October
Ngoc Thuy 12:16, 2017/11/18
According to statistics of the General Department of Vietnam Customs, in October, Vietnam has recorded trade surplus at 2.18 billion USD, thus taking the trade balance of Vietnam in the first 10 months to be at positive of 2.56 billion USD.
Specifically, in October, trade value of Vietnam reached 38.4 billion USD, up 2.2% compared to the previous month, in which, export was 20.29 billion USD, up 4.9% and import was 18.11 billion USD, slightly decreased of 0.7%. The trade balance in October is a surplus of 2.18 billion USD.
 
Fruits are becoming major export products of Vietnam.
Fruits are becoming major export products of Vietnam.
In overall for 10 months of 2017, total trade value of Vietnam reached 346.54 billion USD, up 21.5% compared to the same period of 2016; in which the total export was 174.55 billion USD, up 21.3% and total import was 171.99 billion USD, up 21.6%. As such, Vietnam has recorded a trade surplus of 2.56 billion USD after 10 months. 

With regard to trade activities, China is the biggest trading partner of Vietnam with total trade value of 73.3 billion USD, up 27.18% compared to the same period of last year, and contributes to 21.2% of the total trade value. In the second place is Korea with trade value of 50.46 billion USD, a significant increase of 41.9%, and contributing to 14.6%; United States is the 3rd largest trading partner of Vietnam with trade value of 40.12 billion USD; up 9.7% and contributing 12.2% of total trade value; and in the fourth place is European Union (EU) with trade value of 41.62 billion USD, up 14.2% and contributing to 12.2% of total trade value. 

Among the categories of goods for trade in the last 10 months, there were 5 categories with trade value more than 10 billion USD, including smart phones and related accessories; garment & textile; computers and electronic devices; shoes and equipment, machinery. 

The growth rate of export in the first 10 months is a spotlight of Vietnam’s economy, which significantly contributed to the GDP’s target growth rate, which is expected to be at 6.5% for 2017. According to the Ministry of Industry & Trade, the growth rate in export in 2017 is thanks to the recovery of trade activities in Asia, as well as high demands for import from North America after a period of slowing down in 2016. Besides, GDP growth in almost all major economies, especially in China, the U.S and EU have led to an increase in import demand and facilitated trade in the region. Economic recoveries and the increasing demand in consumption at these major economies have been a decisive factor for domestic enterprises to continue expanding and searching for new markets. 

Meanwhile, the competitiveness of Vietnam is increasing. According to the Global Competitiveness Report of the World Economic Forum (WEF), Vietnam has jumped 5 places compared to 2016 and 20 places higher than its rank 5 years ago. According to WEF, Vietnam has significantly improved in technologies and the productivity of labor market. 

At the same time, the participation of Vietnam in Free Trade Agreements has been a positive influence for Vietnamese goods to increase competitiveness and expanding shares in new markets. In the context of the global economy continues to be recovered, along with the growing trend of trade and investment activities, it is expected that the trade value of Vietnam in 2017 will reach 210 billion USD, exceeding the target for 2017 of 187 – 189 billion USD.  
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