Vietnam posts $19.56bn trade surplus in January-October

During this period, the country’s total exports reached $391 billion, up 16.2 percent year on year, while imports rose 18.6 percent to $371.44 billion.

The trade surplus of $19.56 billion was lower than the $23.18 billion recorded in the same period last year.

The 10-month surplus reflected a $22.83 billion trade deficit in the domestic sector, offset by a $42.39 billion surplus from the foreign-invested sector, the Vietnam Government Portal reported, citing NSO data.

Of the 10-month export value, the domestic economic sector contributed $94.17 billion, or 24.1 percent, while the foreign-invested sector accounted for $296.83 billion, or 75.9 percent, including crude oil exports.

Major export drivers included computers, electronic products, and components with $87.2 billion; phones and parts with $48.6 billion; machinery, equipment, tools, and spare parts totaling $48.4 billion; textiles and garments at nearly $33 billion; and footwear at over $19.8 billion.

On the import side, domestic enterprises purchased $117 billion worth of goods, up 2.8 percent, while the foreign-invested sector imported $254.44 billion, up 27.6 percent.

Production materials represented $348.23 billion, or 93.8 percent of the country’s total imports over the 10 months.

The U.S. remained Vietnam’s largest export market, with turnover of $126.2 billion, while China was the Southeast Asian country’s biggest import market at $150.9 billion.

Vietnam has set a target of 12 percent export growth for 2025, which Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan described as entirely feasible at a government press conference in September.