Vietnam’s trade turnover rose by 15.6% year-on-year to US$305.1 billion during the five months, with a positive balance of $516 million, according to the General Statistics Office (GSO).

Cargo handling at Haiphong Port. Photo: Cong Hung

In May, the export turnover declined by 8.5% against the previous month to $30.5 billion, while imports grew by 16.4% to $32.19 billion.

In the five months, total exports rose by 16.3% year-on-year to $152.81 billion, of which the domestic-invested sector made up 26.3% of the total with $40.25 billion, and the foreign-invested sector with $112.56 billion, or 73.7%.

An estimated  26 categories of export products posted a turnover of above $1 billion, or 89.6% of the export total, of which six are earning over $5 billion, or 62.3%.

In return, Vietnam imported goods and products worth $152.3 billion in the January-May period, up 15% year-on-year, with the domestic-invested sector contributing $53.3 billion, and the foreign-invested sector $98.9 billion.

This resulted in a trade surplus of $516 million in five months, a stark contrast to a deficit of $1.24 billion in the same period last year.

The US remained Vietnam’s largest export market with a turnover of $46.7 billion, while China claimed the top spot as the country’s main supplier selling goods worth  $50 billion to Vietnam in the period.

To facilitate exports in the coming time, the Ministry of Industry and Trade (MoIT) called for business associations and local traders to continue diversifying export markets by taking advantage of 15 free trade agreements that Vietnam is a part of.

“Vietnam’s network of trade representations in Europe would provide any support possible for local companies looking to shift their trading activities from Ukraine and Russia to other markets,” it noted.

Rising fuel prices drive up CPI in May

Rising prices of strategic commodities, such as fuels and food have resulted in an expansion of the consumer price index (CPI) of  0.38% in May against the previous month, and 2.86% compared to the same period of last year.

In May, fuel prices recorded two price hikes of 5.93% and 3.99% respectively, making the CPI of transportation goods the highest growth among commodity groups, by 2.34%.

Meanwhile, culture, tourism, and entertainment also rose by 0.74% as social-economic activities have now returned to normal.

Higher fuel and petrol prices also led to rising prices of beverages, cigarettes, and other foodstuffs.

Overall, Vietnam’s CPI during the five months rose by 2.25% year-on-year, according to the GSO, which, however, noted the growth remained lower compared to the average five-month increase during the 2017-2020 period.

The inflation also expanded by 1.1%, which reflected the rising consumer demand for food and petrol products.