Trade surplus hits US$6 billion over six months

Vietnam has enjoyed a trade surplus exceeding US$6 billion since the beginning of this year till mid-July despite the COVID-19 pandemic, according to statistics released by the General Department of Vietnam Customs.

The first half of July alone witnessed the nation’s total export turnover reach US$10.91 billion. Three commodity categories grossing turnover of over US$1 billion each include phones and components (over US$1.76 billion), computers, electronic products and components (US$1.7 billion), and garment and textiles (approximately US$1.42 billion).

The July figure brought the country’s six-and-a-half-month export turnover to US$133.68 billion, an increase of 4.4% from a year earlier.

Experts believe this positive trade surplus will help contribute to improving the payment balance, increasing foreign exchange reserves, and stabilising the exchange rate of the domestic currency (VND) against the US dollar (USD).

According to experts, to remove production hurdles and accelerate economic growth in the second half of the year, the industry and trade sector should strive to organise additional online trade exchanges in an effort to expand the market for agricultural products.

With regard to industrial production, the Ministry of Industry and Trade should encourage domestic support industry firms to strengthen their connectivity with local enterprises that manufacture complete products to meet domestic demand.

The ministry should place a firm focus on diversifying export markets, abide by requirements relating to the rules of origin and geographical indications set by importers, they say.  

Simultaneously, businesses have been advised to take full advantage of impending new generation free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union-Free Trade Agreement as a way of boosting exports.

Source: VOV