IN 5 MONTHS, VIETNAM HAS A TRADE SURPLUS OF USD 516 MILLION

According to the General Statistics Office, in May, Vietnam had a trade deficit of 1.73 billion USD. However, in the first 5 months of 2022, the trade balance of goods is estimated to have a trade surplus of 516 million USD. This figure still improved compared to the same period last year when there was a trade deficit of 1.24 billion USD.

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Specifically, the export turnover of goods in May was estimated at 30.48 billion USD, down 8.5% compared to the previous month. Generally, in the first 5 months of 2022, export turnover of goods was estimated at $152.81 billion, up 16.3% over the same period last year.

Regarding the structure of export products in the first 5 months of 2022, the group of processed industrial products accounted for the most with 88.6%.

The import turnover of goods in May was estimated at 32.21 billion USD, down 0.8% compared to the previous month. Generally in the first 5 months of 2022, import turnover of goods is estimated at 152.29 billion USD, up 14.9% over the same period last year.

Regarding the structure of imported goods in the first 5 months of 2022, the group of capital goods accounted for the most with 93.9%.

Regarding the export and import markets of goods in the first 5 months of 2022, the United States is the largest export market of Vietnam with an estimated turnover of 46.7 billion USD. China is Vietnam's largest import market with an estimated turnover of 49.6 billion USD.

 Import and export of goods in the first 5 months of 2022. (Source: General Statistics Office)

With 15 Free Trade Agreements signed, the latest being the Regional Comprehensive Economic Partnership (RCEP) which was implemented from January 1, 2022, these Free Trade Agreements are supporting effectively support Vietnam's trade activities with many large markets.

According to the General Statistics Office, in 2022, Vietnam needs to continue to develop trade promotion mechanisms and policies in line with the situation at home and abroad. Export mechanisms and policies are not only in the direction of promoting exports, but also need to associate import and export with the general economic development of the whole country, promoting sustainable import and export development.

Policies must also provide solutions to hot issues, strategic items, and focus on protecting the interests of Vietnamese enterprises. In addition, it is necessary to inform businesses about market opportunities, the general direction is to support Vietnamese enterprises to improve their competitiveness, promote their comparative advantages, and be able to integrate with the region and the world. world.