The Vietnamese economy posted a trade surplus of nearly US$430 million in the second half of July after many consecutive months of deficit, according to figures released by the General Department of Customs.
From July 16 to July 31, the country’s total export turnover reached $9.41 billion, up 14.1% compared to the first half of the month.
Meanwhile, total imports were valued at $8.98 billion, a rise of 6.5% compared with the month’s first half.
With the trade surplus in the second half of July, Vietnam ran a trade deficit of $2.53 billion in the first seven months of 2017, equal to 2.2% of overall export turnover.
Deputy Minister of Industry and Trade Do Thang Hai said the trade deficit was high in the first months of the year as major businesses such as Samsung, Electricity of Vietnam, and Viettel Group imported machinery, equipment, and materials to expand their operations.
With the completion of the disbursement of projects, the trade deficit has been on a downtrend, Hai added.
According to him, the latest trade surplus was the result of efforts Vietnam made to step up exports. Growth was seen in almost all markets and leading commodities.
Vietnam is likely to post a total export turnover of $200 billion for the whole year, surging over 13% from last year and exceeding the target set, Hai stated in a recent press conference.
Meanwhile, imports are forecast to reach $205 billion, up 17% year-on-year.
The country’s trade deficit is estimated at $5 billion, or 2.5% of export turnover and lower than the National Assembly’s goal, he added.
Photo: Idan Robbins
