Vietnam’s Oct. trade surplus with US expands to $4.51 billion

October trade surplus with the State grew almost 37% from a year earlier.

During the 10-month period, Vietnam recorded a surplus of $38.5 billion with the world's largest economy, doubling from $18.7 billion surplus from a year ago.

Bilateral trade revenue reached over $62 billion during the past 10 months, up from $40 billion trade turnover from a year ago.    

Smartphones, mostly made by Samsung Electronics, were Vietnam’s largest export earner. Other key exports included electronics appliances and garments.

Vietnam is pledging to import more US goods to shorten the ballooning trade surplus and damp down perceptions that it is profiting from the US-China trade war.

In recent talks with US diplomats, Vietnamese officials have spoken of importing greater quantities of products including US coal, natural gas, meat, fruit and other agricultural products. 

With America’s trade war rival, Vietnam recorded a shortening trade deficit of $1.85 billion with China in October, down from $2.1 billion deficit in September.    

However, during the 10-month period, Vietnam’s trade deficit with the world's second largest economy reached $29 billion, an increase of 45% from a year ago.

China – Vietnam bilateral trade revenue reached $92 billion during the past 10 months, up from $87 billion trade turnover from a year ago.     

While Vietnam is enjoying a widening trade surplus with the United States, its trade deficit with China continues to grow. This could lead to Vietnam’s commitment to buy more US products.