Vietnam's trade revenue exceeds $14 billion in the initial eight months, recording a surplus.

Vietnam's Ministry of Industry and Trade is taking strides to strengthen its policy advisory work and finalize mechanisms for the domestic implementation of international commitments under free trade agreements. This strategic move aims to facilitate stronger linkages between domestic enterprises and the production and supply chains of foreign-invested enterprises and major global corporations.

In a remarkable achievement, Vietnam has surpassed a significant milestone. A total of 29 export items have exceeded $1 billion in value, marking the first time the Southeast Asian nation has reached this record high. Among these, seven export items have surpassed the $10 billion mark.

The growth of goods exports was impressive, with a 14.8% year-on-year increase in the January-August period. This growth translated to an export turnover of $305.96 billion during this period. The momentum continued in August, with an estimated export turnover of $43.39 billion.

Vietnam's total import-export turnover for the first eight months of the year reached $597.93 billion, up 16.3% year on year. Imports for the same period reached $291.97 billion, up 17.9% year-on-year, resulting in a trade balance of $13.99 billion.

The Ministry of Industry and Trade forecasts that Vietnam's import-export turnover could reach $800 billion this year. China was the top import source with $117.9 billion, followed by South Korea ($20.1 billion) and ASEAN countries ($9.4 billion). Notably, the import volume from China remained the highest and grew, while imports from South Korea and ASEAN also contributed significantly.

The US was Vietnam's largest export market with $99.1 billion, while Vietnam posted a surplus of $87 billion with the US and $25.6 billion with the EU. However, Vietnam ran a deficit of $75.9 billion with China, $20.1 billion with South Korea, and $9.4 billion with ASEAN.

Thirty-eight imported items surpassed the $1 billion mark, including two above $10 billion. The ministry emphasizes enhancing market information, providing timely updates on demand, especially in new and potential markets, as well as on regulatory changes in partner countries, and offering policy consultancy to businesses, associations, and export-import industries.

The Ministry of Industry and Trade is committed to continuing these efforts to support the growth and development of Vietnam's export sector, contributing to the country's economic progress.

Vietnam's trade revenue exceeds $14 billion in the initial eight months, recording a surplus.