Vietnam’s export landscape has painted a promising picture, showcasing a remarkable 14.4% rise in export earnings, while imports surged by 17.9%, culminating in a notable trade surplus of $7.63 billion, according to the National Statistics Office (NSO) under the Ministry of Finance.
In June alone, the export turnover surged by 16.3% compared to the same month last year, a solid indication of vibrant market activity. While the domestic economic sector faced a slight 5.7% dip, the foreign-invested sector, including crude oil, rebounded with a striking 24.4% increase, demonstrating robust foreign confidence.
From January to June, Vietnam’s total export value climbed to $219.83 billion, reflecting a 14.4% increase year-on-year. The domestic sector contributed $58.28 billion—an uptick of 9.4%—accounting for 26.5% of total exports. In contrast, the foreign-invested sector, which includes crude oil, saw a remarkable contribution of $161.55 billion, up 16.4%, thus representing 73.5% of all exports.
A total of 28 export items broke the $1 billion barrier, collectively comprising a staggering 91.7% of the total export value. Impressively, nine items exceeded $5 billion in value, contributing 72.3% to the overall sums. Processed industrial goods firmly held their ground as the export champions, generating $194.28 billion and accounting for 88.4% of the total. Agricultural and forestry products added $19.12 billion (8.7%), while seafood reached $5.11 billion (2.3%), and fuel and mineral products totaled $1.34 billion (0.6%).
On the import front, Vietnam’s spending tallied up to $212.2 billion over the first half of the year, marking an increase of 17.9% year-on-year. A striking 33 imported items exceeded $1 billion in value, representing an impressive 89.0% of total imports, with six surpassing the $5 billion mark, accounting for 56.8% of the overall figures.
The United States stood as the largest importer of Vietnamese goods during the first half, with turnover reaching $70.91 billion, while China remained the biggest source of imports into Vietnam, valued at $84.7 billion. Notably, Vietnam’s trade surplus with the U.S. reached $62 billion, a significant 29.1% increase from the previous year. The surplus with the EU also saw a healthy expansion of 11.6%, amounting to $19 billion. Adding some sparkle to the numbers, Vietnam’s trade surplus with Japan soared to $1.2 billion, up a staggering 69.1% compared to the same period last year.
Despite these triumphs, challenges remain, as Vietnam continues to face trade deficits with several major partners. Notable among these are China, with a deficit of $55.6 billion (up 42.2%), the Republic of Korea at $14.6 billion (up 0.1%), and ASEAN nations collectively at $7.5 billion (an increase of 67.4%).
What drove the significant increase in Vietnam’s exports during the first half of 2023?
The surge in exports can be attributed mainly to the performance of the foreign-invested sector, which saw an impressive growth of 24.4%, particularly in processed industrial goods.
How did Vietnam’s trade surplus with the U.S. compare to previous years?
Vietnam’s trade surplus with the U.S. rose to $62 billion, marking a substantial 29.1% increase from the previous year, underlining the strength of this trading relationship.
Which countries are key players in Vietnam’s import and export dynamics?
The U.S. remains Vietnam’s largest market for exports, while China is the predominant source of imports, showcasing the complex interdependence within the regional trade landscape.
