Vietnam’s trade surplus surges to record high

Vietnam recorded a trade surplus of 26 billion USD in 2023, nearly tripling the figure last year and the highest on record, Deputy Minister of Industry and Trade Phan Thi Thang said at a teleconference held in Hanoi on December 20.
Vietnam’s trade surplus surges to record high
Deputy Minister of Industry and Trade Phan Thi Thang at a teleconference held in Hanoi on December 20. (Photo:

According to a report from the Ministry of Industry and Trade, despite formidable challenges in trade activities posed by poor economic growth and weak demand in large export markets such as the US, the EU, Japan and ASEAN, Vietnam capitalised on the recovery of its major and traditional markets to promote export.

The country shipped 354.5 billion USD worth of products in the year, down 4.6% year-on-year, which, Thang said, marked an easing from the 12% in the first half.

She added that 33 items recorded export turnover of 1 billion USD in 11 months, of which seven posted a value of more than 10 billion USD, accounting for 66% of the total revenue.

Farm produce was among key exports, she said, adding processed industrial products accounted for 85% of the export turnover.

General Director of the Ministry’s Agency for Foreign Trade Tran Duy Dong said export showed signs of recovery in the end of 2023, and relished the prospect of better export situation in 2024 on the back of current free trade agreements (FTAs), and conclusion of negotiations and implementation of the trade deals with new markets such as Israel and the United Arab Emirates.

He stressed that the sound political relations with such trade partners as China, the EU and the US will create a premise for Vietnam to expand its economic, trade and investment cooperation.

Given those advantages, the ministry will strive to increase the export revenue growth by 6%, and trade surplus to some 15 billion USD in 2024, he said, underscoring the ministry will work to diversify export markets and supply chains, support enterprises to capitalise on the existing FTAs, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP), the EU-Vietnam FTA and the UK-Vietnam FTA, to bolster shipments.

Additionally, it will coordinate with the Ministry of Agriculture and Rural Development to negotiate with China for official export of more agricultural products from Vietnam, and speed up customs clearance at Vietnam-China border gates, Dong added.

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(Source: VNA)