Vietnam’s exports surge 4.7 per cent in four months

Workers at a garment factory in Bac Giang Province, near Hanoi. Photo by Reuters. Sketched by the Pan Pacific Agency.

HANOI, May 4, 2020, VNA. Vietnam’s export value saw a year-on-year increase of 4.7 percent to an estimated 82.9 billion USD in the first four months of this year, according to the General Statistics Office (GSO), Vietnam News Agency reported.

Domestic companies generated 26.4 billion USD from exports during the period, rising 12.1 percent year-on-year and making up 32 percent of the country’s total export earnings. Meanwhile, exports of foreign-invested firms hit 56.49 billion USD, up 1.5 percent and making up 68 percent of the total.

Fifteen groups of products recorded an export value of over 1 billion USD or equivalent to 80.1 percent of the nation’s four-month total earnings. Of them, phones and parts earned the largest export turnover with 16.2 billion USD, up 1.1 percent year-on-year. Electronics, computers and components came next with 12.4 billion USD, up 28.6 percent year-on-year, followed by textiles and garment (8.9 billion USD, down 5.8 percent); machinery equipment and parts (6.9 billion USD, up 29.6 percent); and footwear (5.5 billion USD, up 1.3 percent).

From January to April, the US remained Vietnam’s biggest export market, spending 20.3 billion USD on Vietnamese goods, a yearly hike of 13.4 percent. It was followed by China with 13.1 billion USD, up 26.7 percent; the EU with 10.7 billion USD, down 8.1 percent and ASEAN nations with 8.2 billion USD, down 3.4 percent, the GSO said in a monthly report.

Per the report, the country’s imports expanded 2.1 percent year-on-year to an estimated 79.89 billion USD in the period. Domestic firms spent 33.58 billion USD on imports, up 1.1 percent year-on-year while foreign-invested companies saw a yearly turnover rise of 2.9 percent to 46.31 billion USD.

Electronics, computers and components accounted for 22 percent of the nation’s four-month imports at 17.8 billion USD, up 12.5 percent over the same period last year. Among others were machinery, equipment and parts at 11.5 billion USD, down 0.1 percent; telephones and parts (4.3 billion USD, up 12 percent); cloth (3.6 billion USD, down 10.9 percent); steel and iron (2.9 billion USD, down 6.4 percent); plastics (2.8 billion USD, down 1.4 percent) and plastic products (2.3 billion USD, up 14.6 percent).

China was Vietnam’s largest supplier, selling 22.7 billion USD worth of goods to Vietnam, down 0.1 percent year-on-year. The Republic of Korea ranked second by shipping 15.5 billion USD worth of goods to Vietnam, up 2.5 percent year-on-year, followed by ASEAN countries with 9.9 billion USD, down 7.8 percent.

According to the GSO’s report, Vietnam’s trade surplus narrowed to 3 billion USD in January-April.

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