Source: Socialist Republic of Vietnam
According to data on Vietnam’s import and export undertakings in 2019 announced by the General Department of Vietnam Customs, the total import and export value of the whole country in 2019 reached US$517.26 billion, up 7.6% compared to the previous year. In 2018, in which, the value of exported goods was US$264.19 billion, up 8.4% while the value of imported goods was US$253.07 billion, up 6.8% compared to 2018.
Thus, with this result, Vietnam’s import-export scale in 2019 reached a high increase of US$36.69 billion, however this figure was still much lower than the increase of US$52.44 billion in 2018.
The trade balance of goods in 2019 was in a surplus of US$11.12 billion, the highest it’s ever been. Vietnam’s trade surplus this year has increased by 62.9% over the previous year.
Notably, among more than 200 countries and territories Vietnam has foreign trade relations with, China continues to maintain its position as the largest market and has marked the second consecutive year the turnover between the two countries reaches US$100 billion and over.
Thus, the Chinese market alone accounted for 22.6% of the country’s total import-export turnover last year. Particularly, the share of import turnover from China accounts for nearly 30%. However, the increase in turnover was mainly due to a sharp increase in imports from China, while Vietnam’s exports to this market increased insignificantly.