US remains Vietnam’s largest importer

The US remains Vietnam’s largest export market

From the beginning of this year to July 15, Vietnam’s total export revenue neared US$122.5 billion while its imports hit roughly US$120 billion, resulting in a surplus of US$2.5 billion, reported the General Department of Vietnam Customs.

Earlier in June, the country ran a surplus of about US$870 million, bringing the six-month figure to a record 3.37 billion USD in the recent five years.

High trade surplus is considered a condition to stabilizing macro-economy and foreign exchange rate, as well as ensuring foreign reserves.

According to the Ministry of Industry and Trade, domestic businesses reported a 19.9 percent rise in exports by shipping US$33.07 billion worth of goods abroad in the first half of this year. Meanwhile, foreign-invested enterprises earned US$80.86 billion from exports, up 14.5 percent from the corresponding period last year.

Vietnam exports goods to 200 countries and territories over the world, with 27 markets reaching an export turnover of over US$1 billion, and the top 10 largest global markets accounting for 88 percent of the country’s export turnover.

The ministry forecast this year’s exports at US$236.6 billion, up 10 percent against 2017.