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Thursday, April 25, 2024

Vietnam reports eighth consecutive year of trade surplus

The Saigon Times

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HCMC – Vietnam has marked its eighth consecutive year of trade surplus, with the surplus for this year surpassing the previous year’s figures by more than double, according to the Ministry of Industry and Trade.

The total trade volume for 2023 is estimated at a remarkable US$683 billion. Exports reached US$354.5 billion, while imports totaled US$328.5 billion. This substantial performance has culminated in a trade surplus of approximately US$26 billion for the entire year, the ministry said during a conference held in Hanoi on December 20.

The robust performance of the industrial sector has been a driving force behind Vietnam’s impressive trade success. Despite global economic challenges, domestic businesses in Vietnam have demonstrated resilience and growth. The country’s overall trade volume for 2023 underscores ongoing efforts to sustain and expand export markets, with a notably lower decline in exports compared to regions reliant on foreign investment.

The domestic market has exhibited robust expansion, surpassing expectations. Retail sales of goods and service revenues are estimated to have increased by 9.6%, surpassing the targeted 8-9% range. E-commerce continues to play a pivotal role in enhancing both domestic and international supply chains.

Collaborative efforts among ministries in the agricultural sector have yielded positive results, ensuring a stable supply and demand for various agricultural products, including rice, poultry eggs, and salt. Negotiations to open new markets have facilitated increased consumption and exports.

Looking forward to 2024, the Ministry of Industry and Trade has set ambitious targets, including achieving a 7-8% increase in industrial production, a 6% growth in export volume, and a trade surplus of US$15 billion.

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