Vietnam's trade turnover hits all-time high in May
In May, Vietnam`s total export-import turnover reached US$40.86 billion, an all-time high yet and up 14.9% month-on-month, according to the General Department of Vietnam Customs.
The country's exports in May stood at US$19.95 billion, up 8.6% month-on-month, and import turnover at US$20.91 billion, representing an increase of 21.5% month-on-month.
Source : Vietnam Customs. Unit: US$ billion.
|
Vietnam recorded a trade deficit of US$954 million in May, however, the country still enjoyed a trade surplus of US$2.67 billion in five months.
According to the Vietnam Customs' report, trade turnover of the foreign direct investment (FDI) sector reached US$25.49 billion in May, up 13.2% month-on-month, taking the total trade turnover of the sector in the five months through May to US$120.15 billion, up 13% or US$13.8 billion against the previous year.
The FDI sector's exports in May came at US$13.73 billion, up 8.1% month-on-month, resulting in a total of US$66.34 billion in the five months, up 16.8% year-on-year.
Meanwhile, they spent US$11.76 billion on imports in May, representing an increase of 19.8% month-on-month, and a total of US$53.81 billion in five months, equivalent to an increase of 8.6% year-on-year.
This resulted in the sector's trade surplus of US$1.98 billion in May and of US$12.53 billion between January and May.
During this period, Vietnam achieved trade surpluses of over US$1 billion each with eight trading partners, including the US, the Netherlands, Hong Kong, the UAE, Austria, the UK, Germany and India.
Specifically, Vietnam's trade surplus with the US stood at US$12.98 billion, up 8.8% and accounting for 49% of the country's trade surplus to those eight markets.
Vietnam had trade deficits above US$1 billion to five trading partners, consisting of South Korea, China, Taiwan, Thailand and Malaysia, in which the largest trade deficit was recorded with South Korea at US$11.57 billion, down 11.4% year-on-year, followed by China with US$11.16 billion, down 3.7%.
The total trade deficit from these two Northeast Asian trading partners accounted for 74% of Vietnam's total trade deficit with those five countries.
22:59, 2024/12/24
Hanoi to attract US$768 million in industrial parks in 2024
Companies in Hanoi highlighted the significant improvements in the business environment in Vietnam, particularly in the capital, where it has become easier to operate in the industrial zones.
21:35, 2024/12/21
Regulatory efforts underway to strengthen e-commerce in Vietnam
By 2025, Vietnam's e-commerce is expected to reach 10% of retail sales and contribute to the digital economy which is estimated to account for 20% of GDP.
16:51, 2024/12/14
Hanoi honors key industrial products in 2024
This recognition is a testament to the city government's ongoing support of local businesses.
18:09, 2024/12/12
EVs take the spotlight on Vietnam's urban streets
On the streets of Hanoi, a quiet but powerful shift in transportation is underway.
13:43, 2024/12/12
Hanoi names 83 institutions Green Energy User 2024
More than 80 facilities and projects have been recognized for their innovative use of green energy in manufacturing.
12:07, 2024/12/09
Bat Trang artisans innovate to meet global market demands
To boost competitiveness, Bat Trang pottery businesses leverage information technology for product promotion.
- Vietnam youth gears up for a greener future
- Hanoi to create over 213,000 jobs in Jan-Nov
- Update on worker conditions in South Korea from Vietnamese labor authorities
- Vietnam partners with NVIDIA to establish AI research center
- Hanoi grasps opportunities to drive semiconductor industry growth
- Internet users in Vietnam to hit 100 million by 2029