Vietnam registered a national trade value in 2017 of nearly $425 billion, with exports increasing 21% and imports expanding 20.8% compared to 2016, according to the General Statistics Office (GSO).
The value of exports was estimated at $213.8 billion, a year-on-year increase of 21%, higher than the annual growth rate of 9% in export value in 2016. Meanwhile, the value of imports in 2017 was estimated at $211.1 billion, 20.8% higher than 2016. This results in a trade surplus of about $2.7 billion in 2017, the same figure as 2016, said a report from state-run VNA.
Foreign-invested companies notched a trade surplus of $28.8 billion, contributing substantially to the total national trade surplus, while the domestic economic sector continued to have a trade deficit, estimated at $26.2 billion.
GSO said Samsung’s exports of new products contributed to the strong growth in the country’s export value this year because the group invested in expanding production of export goods. At the same time, the expansion of production led to an increase in Samsung’s demand for imported machinery, equipment, and raw materials.
The office said the FDI sector gained $155.2 billion from exports, up 23% year-on-year, while the domestic-invested sector achieved $58.5 billion, up 16.2%.
The FDI sector paid $126.4 billion for its imports, an increase of 23.4%. The domestic economic sector’s import value surged by 17% to $84.7 billion.
The office said that in 2017, China was the largest trading partner of Vietnam, but that Vietnam had the largest trade deficit with Korea.
China’s two-way trade with Vietnam was valued at $93.8 billion, of which exports to China reached $35.3 billion, up 60.6% and imports from China reached $58.5 billion, up 16.9% year-on-year.
The U.S. ranked third in two-way trade with $50.7 billion, of which Vietnam export values reached the highest level of $41.5 billion, a year-on-year increase of 8%, and import value stood at $9.1 billion, up 4.9%.
Bilateral trade value with the EU reached $50.4 billion, including export value at $38.3 billion, up 12.8%, and import value at $12 billion, up 7.7%.
Trade value between Vietnam and the ASEAN market was pegged at $49.7 billion in 2017, including export value at $21.7 billion, up 24.5%, and import value at $28 billion, up 16.4%.
Trade value with Japan stood at $33.3 billion, of which exports were valued at $16.8 billion, up 14.2%, and imports at $16.5 billion, up 9.7%.
Photo: Rado bladteth Rzeznicki
