Vietnam reports Jan.-May trade surplus at $3.5 billion despite pandemic

The surplus was much higher than the earlier report from the General Statistics Office which said the period trade surplus was at $1.9 billion.

The country's trade turnover reached $196.84 billion in the period, down 2.8% year-on-year, customs, of which its export value was reported at $100.2 billion, down 0.9% and import revenue was at $96.6 billion, down 4.6% from a year ago.

In May, the economy recorded a trade surplus of $1 billion in a total import-export revenue at $37.2 billion, of which its export value is at $19.1 billion and imports are estimated at $18.1 billion.

Foreign-invested firms enjoyed a trade surplus of $10.9 billion in a total trade revenue of $120 billion.

Domestic companies' exports were estimated to have expanded 10.4% year-on-year to $33.3 billion during the period, accounting for 33.5% of the country's exports. Meanwhile, FDI firms reaped $66.06 billion from overseas shipments, down 6.9%, and accounting for 66.5% of the total.

Among Vietnam’s key export products, phones and parts are predicted to earn the largest export turnover during the January-May period at $18.3 billion, down 7.1% year-on-year.

Electronic products, computers, and components bagged $15.3 billion, up 23.6% year-on-year while garments earned $10.5 billion, down 14%.

In the five-month period, the US remained Vietnam's biggest export market. It spent over $25 billion on Vietnamese goods. While Vietnam imported $6 billion from trade partner, leaving a trade surplus for Vietnam at $19 billion.

Meanwhile, China continued to be Vietnam's largest supplier which exported $28.3 billion worth of goods to Vietnam and imported $15.9 billion from Vietnam. Vietnam suffered $12.4 billion trade deficit with China during the period.

► EU – Vietnam Free Trade Agreement expected to take effect on August 1

► Vietnam may surpass Thailand in global rice export in 2020

► Vietnam plans to export 7mln tonnes rice this year, up nearly 10%