Vietnam posts second straight monthly trade surplus in October

The office's socio-economic report released on Tuesday showed that total import-export turnover in October reached an estimated $122.03 billion, up 3.7% from the previous month and 47.4% year on year.

In the last 10 months, total trade turnover reached $1.01 trillion, up 32.3% year on year, exceeding the $1-trillion mark for the first time and reaching a record high. Exports rose 27.5%, while imports increased 37.4%, resulting in a trade deficit of $12.07 billion.

Export earnings in October amounted to $64.67 billion, up 8.7% month on month and 51.4% year on year. Domestic businesses contributed $9.94 billion, while the foreign-invested sector, including crude oil, accounted for $54.73 billion, up 4.2% and 9.5%, respectively.

Cumulative exports in the January-October period surged 27.5% year on year to $499.24 billion, with domestic businesses contributing $93.93 billion, up 8.2%, and foreign-invested enterprises $405.31 billion, up 33%. The respective shares were 18.8% and 81.2%.

During the period, 37 export products generated over $1 billion each, accounting for 94.9% of total export value, including eight products exceeding $10 billion, which made up 73.4%.

Processing products dominated exports at $452.74 billion, or 90.7%, followed by agricultural and forestry products at $33.48 billion (6.7%), seafood at $10.36 billion (2.1%), and fuels and minerals at $2.66 billion (0.5%).

Meanwhile, imports in October totalled $57.36 billion, down 1.4% month on month but up 43.1% year on year.

For the first 10 months, imports rose 37.4% year on year to $511.31 billion. Production materials accounted for $481.03 billion, or 94.1%, while consumer goods made up the remaining 5.9%.

Vietnam posted trade surpluses of $40.84 billion with the EU and $3.42 billion with Japan, up 26.8% and 110.4%, respectively. Meanwhile, it recorded deficits of $134.94 billion with China, $48.63 billion with the Republic of Korea and $16.93 billion with ASEAN.

The Ministry of Industry and Trade plans to accelerate exports, diversify markets and improve compliance capacity, focusing on making better use of signed free trade agreements, expanding into new markets, and strengthening early warnings of trade defence cases, tariff barriers, green standards, traceability and rules of origin.

It will also support businesses in improving product quality, developing brands and ensuring supply chain transparency, while promoting official export channels, expanding agricultural quarantine agreements, investing in cold-chain logistics infrastructure, and standardising growing areas and packing facilities to meet partner markets' requirements.