Vietnam posts trade surplus of 2.92 billion USD in 2017
Vietnam’s trade surplus hit a record high of 2.92 billion USD in 2017, according to a report released by the Ministry of Industry and Trade in Ho Chi Minh City on March 22.
HCMCity (VNA) –Vietnam’s trade surplus hit a record high of 2.92 billionUSD in 2017, according to a report released by the Ministry of Industry andTrade in Ho Chi Minh City on March 22.
Thereport reveals that import grew at a higher pace than export. The surplus wasmainly with developed countries like the US and Australia, and the EU.
Vietnamhas 29 groups of items whose export revenue exceeded 1 billion USD, 20 groupswith export turnover of above 2 billon USD and eight groups with export valueof more than 6 billion USD.
TranQuoc Khanh, Deputy Minister of Industry and Trade, said that 2017 was a goodone for Vietnam with its exports crossing the 200 billon USD mark for the firsttime and ending at 214.02 billion USD, a year-on-year increase of 21.2 percentand well above the Government’s target.
Theannual report provides accurate information on the country’s trade for managementagencies, policymakers and businesses.
Itincludes an overview of the Vietnamese and global economy, Vietnam’simport-export situation, its markets, in addition to import-export policies andmechanisms, and information on free trade agreements.
TruongDinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters andProducers, hailed the report, saying it greatly helps businesses, industriesand business groups orient their export and business activities.
Hecalled on the ministry to include more information on trade protectionism andbarriers, and offer solutions and recommendations to overcome them.
Thefisheries sector also needs information about the Chinese market, a promisingone for Vietnamese firms, he said.
TranViet Anh, Vice Chairman of the HCM City Union of Business Association, said thereport compliers should provide statistics on the key import and export itemsof each city and province to help them make plans for developing their productsand sectors.
Thiswould also help investors choose their ideal investment destinations, he added.
Accordingto Deputy Minister Khanh, under the export-import strategy for 2011-2020, witha vision towards 2030, exports of processed industrial products will make up 81percent, followed by agro-fishery items with over 12 percent, and minerals,about 2 percent. -VNA
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Illustrative image (Source: VNA) 
