This is in contrast with the same period last year when the country recorded a trade deficit of $3.52 billion, signaling that it is on course to achieve this year’s target, according to data from the General Statistics Office.

Exports grew 17.3% year-on-year to $250.8 billion, with double-digit increases in footwear, machines and garment sectors.

A container handler arranges cargo at Cat Lai Terminal in Ho Chi Minh City.

The U.S. was Vietnam’s biggest export market at $77.7 billion.

Imports grew 13.6% to $246.84 billion, with China remaining the biggest seller at $82.1 billion.

The Ministry of Industry and Trade forecasts Vietnam’s total trade value at $368 billion this year, up 9.5% year-on-year, exceeding the government’s 8% growth target.

However, it said that there were upcoming difficulties due to rising global inflation, which would bring down consumption, especially in Vietnam’s major exports markets such as the U.S. and the E.U.

Several sectors have expressed concerns about declining sales in major markets.

The Vietnam Association of Seafood Exporters and Producers said in a recent report that exports to the U.S. declined by 30.5% year-on-year in July as inflation there hovered around a 41-year high.

Slower growth was recorded in E.U. in the same month, it added.

The Vietnam Timber and Forest Product Association also said that the U.S. has been increasing anti-circumvention probes on Vietnamese wood exporters, which will likely slow down shipments to this market in the remaining months of the year.

More British investors look at Vietnam to cash in on free trade agreements

Many British investors are seeking investment opportunities in Vietnam in the hope of cashing in on free trade agreements (FTAs) that Vietnam has signed with the UK and other economies worldwide.

Vietnam records 4.7 billion USD trade surplus with UK over 12 months

Vietnam Nam enjoyed a trade surplus of 3.9 billion pounds (over 4.7 billion USD) in the four quarters to the end of March 2022, up nearly 22% over the same period to 2021, reported the UK’s Department for International Trade.

Vietnam posts 764 million USD in trade surplus in seven months

Vietnam enjoyed a trade surplus of 764 million USD in the first seven months of 2022, the General Statistics Office (GSO) reported on July 29.

GMS-Quang Tri 2022 International Trade Fair opens

The Greater Mekong Subregion (GMS) - Quang Tri 2022 International Trade Fair opened in the central province of Quang Tri on July 25.

Vietnam, Australia post record high in two-way trade

Vietnam and Australia enjoyed strong growth in two-way trade in the first half of this year at 38.45% to 8.01 billion USD for the first time, according to the Vietnam Trade Office in Australia.

Source: VnExpress