Vietnam’s trade turnover in the first two months of 2022 was estimated at US$108.52 billion, a sharp increase of 13% year-on-year, according to the General Statistics Office (GSO).

Cargo handling at Haiphong Port. Photo: Cong Hung

Upon breaking down, the country’s exports in February rose by 13.2% year-on-year with a major contribution from the domestic sector by posting an export growth of 20.3%, and the foreign-invested sector of 11.1%.

This resulted in total export revenue of $53.79 billion in the two months, up 10.2% year-on-year.

Vietnam also boasted nine groups of export products with a turnover of over $1 billion, accounting for 71.6% of total shipments. Industrial and manufacturing goods accounted for the majority of export products at 89.4%, followed by agroforestry products (6.9%), and seafood of 2.7%.

In the same period, Vietnam posted imports of $54.73 billion in the first two months of 2022, up 15.9% year-on-year, which resulted in a trade deficit of $937 million during the period.

The domestic sector recorded a trade deficit of $3.96 billion, and their foreign peers a gain of $3.02 billion.

The US remained Vietnam’s largest customer with goods exports totaling $18.3 billion while China is the country’s largest supplier,  with goods imports of $20.8 billion.