Vietnam has trade surplus after two decades

TN News

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After 20 years of trade deficits Vietnam has finally reported a surplus, thanks to a sharp rise in exports by foreign-invested firms.

Exports at US$114.6 billion were ahead of imports by a marginal $284 million.

Exports were 18.3 percent higher than last year, and imports by 7.1 percent, according to the General Statistics Office.

Foreign-owned companies' exports shot up by 31.2 percent to $72.3 billion, while exports by domestic firms rose by a marginal 1.3 percent.

The Europe Union became the leading destination for Vietnamese exports, buying goods worth $20.3 billion, a 22.5 percent rise year-on-year.

The US followed at $19.6 billion. ASEAN was in third place with $17.2 billion, ahead of Japan's $13 billion .

Industrial exports soared, with mobile phones and components seeing value almost double to $12.6 billion. Exports of computers and electronics rose 69.1 percent to $7.9 billion.

The last time Vietnam recorded a trade surplus was in 1992.

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