Vietnam posts highest trade surplus in five years

Vietnam recorded export turnovers of approximately 281.5 billion US dollars in 2020, up 6.5 per cent year-on-year, and import turnovers of over $262.4 billion, up 3.6 per cent, with a trade surplus of $19.1 billion, the highest in the past five years, the General Statistics Office said on Monday.

Specifically, Vietnam gained nearly $50.9 billion from exporting phones and components, down 1.0 per cent; roughly $44.7 billion from electronic goods, computers, and components, up 24.4 per cent; around $29.5 billion from garments and textiles, down 10.2 per cent; and nearly $16.6 billion from footwear, down 9.6 per cent, reports Xinhua.

The United States remained Vietnam's biggest importer with turnovers of $76.4 billion, tailed by China with $48.5 billion and the European Union with $34.8 billion, said the office.

In the same period, Vietnam spent nearly $64 billion importing electronic goods, computers and components, up 24.6 per cent; roughly $37.4 billion on machines, equipment and spare parts, up 1.7 per cent, and $16.6 billion on phones and components, up 13.3 per cent.

Meanwhile, China was Vietnam's largest exporter with turnovers of $83.9 billion, followed by South Korea with $46.3 billion and the Association of Southeast Asian Nations (ASEAN) with $30 billion, according to the office.