Vietnam trade surplus reaches nearly US$20 billion in 2020

Vietnam’s total import and export turnover in 2020 reached US$545.35 billion, up 5.4 percent compared to the previous year, reported the General Department of Vietnam Customs.

(Illustrative photo:SGGP)

(Illustrative photo:SGGP)

Of which, export goods value totaled US$282.65 billion, an increase of 7 percent while import goods turnover reached US$262.7 billion, up 3.7 percent over the previous year. 

Therefore, the country's merchandise trade balance in 2020 had a surplus of US$19.95 billion, being the highest level in five consecutive years of trade surplus since 2016. However, Vietnam's trade surplus in 2020 mainly came from FDI enterprises with the trade surplus of US$33.87 billion while domestic enterprises had a trade surplus of more than US$13.9 billion.

According to the Office of the Ministry of Industry and Trade, since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2019 was enforced, two-way merchandise trade between Canada and Vietnam in 2020 grew significantly reaching US$5.1 billion, up 6.6 percent over 2019 although the world has been in the context of impact from the Covid-19 pandemic outbreak and global economic recession.

Textile and garment, footwear, electronic products and components, seafood and wooden products are the main export items of Vietnam to Canada while machinery, equipment, wheat, soybeans and chemicals are the main import items from Canada.

As of November 2020, Canada has been the 14th largest foreign investor in Vietnam with 212 projects worth more than US$5.05 billion. Canada is currently Vietnam's second largest trading partner in the Americas and Vietnam is Canada's largest trading partner in ASEAN.

By Van Phuc- Translated by Huyen Huong

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