Vietnam’s 1Q trade surplus reported at $4 billion despite coronavirus crisis

Despite business slowdown due to coronavirus, the economy recorded a trade surplus of nearly $2 billion in March, bringing the trade surplus in the first three months of this year to $3.74 billion.

In March, total trade revenue reached $46.28 billion, up 17.4% compared to February, of which exports more than $24 billion, increased by 15.7%, and imports reached more than $22 billion, up 19.2%.

Compared to the estimated figures published earlier by the General Statistics Office, the newly released figures had nearly $1 billion trade surplus higher.

However, the trade surplus in the first quarter mainly relied on the operation of the FDI sector.

The total import and export revenue of this sector in the first quarter reached more than $77 billion, up 3.8% over the same period. In particular, exports reached $42.5 billion, while imports reached $34.82 billion.

FDI sector achieved $7.7 billion trade surplus in the quarter.

Vietnam's trade with Asia accounted for 65% of total revenue, the highest proportion. The import-export value with this market reached $79.5 billion, up 4% over the same period last year.

Trade with America reached $24.35 billion, up 18.3% over the same period and was the highest growth market in the first 3 months. Meanwhile, trade activities with the European market reached $15.16 billion, down 2.8%.

Remarkably, Vietnam’s first-quarter trade deficit with China was reported at $7.27 billion meanwhile it reported a trade surplus of $12.4 billion with the U.S.

The main export items are still phones, computers, electronic devices and components, shoes, wood, seafood, and iron and steel.

In particular, phones and electronic components are mainly among FDI enterprises. In contrast, the main import items are electronic components, computers, raw materials for textiles and footwear.

► Fitch slashes Vietnam’s 2020 growth outlook from 3.3% to 2.8%

► Vietnam reports $2bln State budget surplus in 1Q despite virus pressure