Vietnam's Trade Turnover Surpasses $770 Billion in 8 Months, Reaching Record High

Vietnam's total trade turnover reached a record high of $770.14 billion in the first eight months of the year, marking a significant 28.7% year-on-year increase. This milestone underscores the country's robust economic growth and its deepening integration into global supply chains. During the January-August period, exports climbed 22.4% to $374.84 billion, while imports saw a substantial surge of 35.3% to $395.3 billion. This resulted in a trade deficit of $20.46 billion, reflecting increased demand for production inputs and raw materials to fuel the export-oriented economy. Exports from the domestic sector rose 7.4% to $74.47 billion, representing 19.9% of total exports. The foreign-invested sector contributed significantly with $300.37 billion, up 26.9%, accounting for 80.1% of total shipments. A total of 33 export items posted a turnover of more than $1 billion each, collectively accounting for 93.6% of total shipments. Seven products recorded export turnover exceeding $10 billion each, making up 70% of the total. Manufactured industrial products dominated exports, accounting for 90.2% of the total with $337.99 billion. Agricultural and forestry products contributed 7.1% ($26.65 billion), seafood 2.1% ($8 billion), and fuels and minerals 0.6% ($2.2 billion). Imports totaled $395.3 billion, up 35.3% year-on-year. The domestic sector accounted for $105.07 billion, up 23.7%, while the foreign-invested sector contributed $290.23 billion, up 40.1%. There were 43 import items worth more than $1 billion each, accounting for 93.9% of total import turnover. Three items exceeded $10 billion, making up 55.5% of the total. Production inputs constituted 94.1% of imports at $372.04 billion. Machinery, equipment, tools, and spare parts represented 57.6%, with raw materials, fuels, and other inputs making up 36.5%. Consumer goods accounted for a smaller share of 5.9% ($23.26 billion). The United States remained Vietnam's largest export market with a turnover of $122 billion, while China was the largest import market with $161.9 billion. This illustrates Vietnam's strategic trade relationships with major global economies. In August alone, Vietnam's total trade turnover stood at $109.7 billion, a slight 0.1% decrease from the previous month but a substantial 31.7% increase year-on-year. Exports in August rose 3.2% month-on-month to $54.79 billion, with the foreign-invested sector contributing $44.29 billion. Imports in August were valued at $54.91 billion, down 3.1% from the previous month but up 37.9% year-on-year. To further boost exports and achieve a sustainable trade surplus, Nguyen Thi Huong, General Director of the National Statistics Office, recommended the government effectively implement measures to promote exports and trade, diversify supply and production chains and import-export markets, and improve product quality. She also called for more effective use of opportunities from signed free trade agreements, stronger exports to major markets, and greater access to new and promising markets, including Halal, Latin American, and African markets. Authorities should also provide enterprises with information and support to meet new market standards, assist them in anti-dumping cases, facilitate access to capital, and encourage the application of advanced technologies to improve product quality and value, thereby expanding markets and promoting exports, she added. Information Source: VnExpress International