Vietnam’s FDI sector recorded a trade surplus of USD 24 billion in H1

Foreign-invested enterprises in Vietnam recorded a trade surplus of $23.98 billion in the first half of 2024, after taking into account oil-related activities, the General Office of Statistics reported.

The foreign direct investment (FDI) sector recorded export earnings of $136.69 billion, up 12.3% year-on-year, while import spending increased 14.1% to $112.71 billion. .

In the January-June period, the country recorded export revenues of $190.08 billion, up 14.5% year-on-year; and import spending rose 17% to $178.45 billion, resulting in a trade surplus of $11.63 billion. The surplus was lower than the $13.4 billion in H1 2023.

Meanwhile, the domestic sector recorded a trade deficit of $12.35 billion.

Vietnam’s top export sectors in the first half of the year were: electronics, computers and components worth $32.91 billion, up 28.6% year-on-year; phones and components worth $27.2 billion, up 11.3%; machinery and equipment worth $22.93 billion, an increase of 16.2%; clothing and textiles worth $16.28 billion, up 3.1%; and footwear worth $10.84 billion, up 10%.

The manufacturing and processing industry accounted for $166.79 billion of the country’s total exports, or 87.7%; followed by agricultural products and forestry goods, worth $16.64 billion (8.8%); fisheries, at $4.36 billion (2.3%); and fuel and natural resources, at $2.29 billion (1.2%).

The largest import expenditure was for electronics, computers and components: $48.84 billion, an increase of 26.7% year-on-year; followed by machinery and equipment: $22.31 billion, an increase of 14.6%; fabrics: $7.12 billion, an increase of 10.8%; steel and iron: $5.05 billion, an increase of 24%; and plastics: $5.36 billion, an increase of 14.7%.

Inputs accounted for $167.73 billion, or 94% of total imports. The remaining 6%, or $10.72 billion, was spent on consumer goods.

Vietnam’s largest trading partners were China and the United States, with a combined value of $94.8 billion and $61.4 billion, respectively, in H1 2024. Other major partners included the ASEAN bloc with $40.8 billion, South Korea with $38.4 billion, the EU with $32 billion, and Japan with $21.7 billion.

Vietnam spent $67 billion on imported goods and earned $27.8 billion on exported goods to China, up 34.7% and 5.3% year-on-year. China was Vietnam’s largest import market.

Exports and imports to the US increased year-on-year by 22.1% and 2.8%, respectively, to $54.3 billion and $7.1 billion. Vietnam’s largest export destination was the United States.