Vietnam likely to enjoy 10 billion USD trade surplus this year

Illustrative image (Photo: VNA)

Vietnam is on track to see a trade surplus of 10 billion USD this year despite enduring global market uncertainties and fluctuations, Minister of Industry and Trade Nguyen Hong Dien reported at the ongoing fourth session of the 15th National Assembly last weekend.

As of October 20, the country’s total foreign trade turnover stood at an estimated 620 billion USD. Exports are estimated at 313.8 billion USD, and imports 306.1 billion USD, resulting in a trade surplus of roughly 8 billion USD.

The import-export value is likely to climb to 800 billion USD by the end of the year, with the trade surplus set to rise to 10 billion USD.

This is certainly a spectacular achievement for Vietnam this year, stressed the minister.

Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA)

He attributed these positive results to solutions the Government, ministries, and especially the business community have implemented to stimulate consumption demand and connect product consumption outlets in order to promote trade exchanges.

Dien recalled that despite facing the negative impact caused by the COVID-19 pandemic, Vietnam’s total foreign trade turnover last year hit 668 billion USD, making the country one of the 20 largest economies in the world in terms of international trade.

He went on to say that export businesses no longer rely on key markets but have branched out to new ones. Decreasing demand coupled with high inflation in major markets such as China, Europe, Japan, and the US have forced local businesses to return to the Eastern European market.

Furthermore, the effective application of e-commerce services has enabled Vietnamese commodities to reach more overseas markets. Currently, the country’s e-commerce sales have fetched approximately 14 billion USD, with the figure projected to rise to up to 18 billion USD for the whole year./.