Official: Vietnam could reach trade balance this year | Business

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Illustrative image (Photo: VNA)

Hanoi (VNA) – Vietnam could reach trade balance, even a trade surplus this year, the deputy head of the Foreign Trade Agency of the Ministry of Industry and Commerce, Tran Thanh Hai, said at a regular press conference of the ministry in Hanoi on September 30.

In September, the country pulled US $ 27 billion from exports, down 0.8%
month after month and 0.6% year-on-year. It is also the second consecutive month of decline in exports compared to the same period last year.

However, the nine-month figure still showed an 18.8% year-over-year increase to an estimated $ 240.5 billion.

Meanwhile, imports were estimated at $ 26.5 billion in September, down 3.1 percent per month, but the nine-month figure rose 30.5 percent per year to reach $ 242.65 billion.

Given this situation, Vietnam recorded a trade surplus of $ 500 million in September and a deficit of $ 2.13 billion in nine months of this year.

According to Hai, the current trade deficit is not of concern, given that it fell to $ 100 million in August after surpassing $ 2 billion in July, and September saw the return of the trade surplus.

Vietnam’s exports are on favorable terms thanks to the opportunities of free trade agreements and the growing market demand at the end of the year, especially for the country’s strength products. Therefore, if there is no major change in the pandemic situation, export activities in southern localities should pick up speed in the last quarter of the year, helping to balance trade, and even to generate a trade surplus, he said./.

VNA


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