VIETNAM POSTS US$1.64 BILLION IN TRADE SURPLUS IN JAN-FEB

Vietnam reported a trade surplus of US$1.64 billion between January and February, according to the General Department of Vietnam Customs.

The country’s exports amounted to US$48.74 billion, while it spent US$47.1 billion on importing goods in the first two months of the year, the local media reported.

From February 16 to 28, Vietnam shipped goods worth some US$10.2 billion, up 2.9% against the first half of the month. The country’s key export products comprised phones and phone parts, steel, computers and electronic items.

In the second half of February, the country’s imports totaled US$11.4 billion, up 23% from the first half of the month. The import of machines, equipment and tools rose by 22.9%, while the purchase of plastic materials soared by 61.7% against the figure seen in the first half of February.

In the January-February period, the country’s total import and export revenue grew by 24% year-on-year at US$95.85 billion. The foreign direct investment (FDI) sector remained the key player.

FDI enterprises shipped products worth US$37 billion, representing 75.9% of the country’s total export revenue. Meanwhile, they imported US$31.5 billion, accounting for some 67% of Vietnam’s total import turnover.

Source: The Saigon Times