Home / Knowledge / News / Textiles / Vietnam's 2019 trade surplus hits 4-year record

Vietnam's 2019 trade surplus hits 4-year record

Jan '20
Pic: Shutterstock
Pic: Shutterstock
Vietnam’s trade surplus reached a record high of $9.9 billion in 2019, according to the General Statistics Office’s monthly report, which revealed last year’s surplus was also the highest seen in the past four years, after $1.6 billion in 2016, $1.9 billion in 2017 and $6.8 billion in 2018.

The nation’s trade turnover surpassed the $500-billion mark for first time in 2019, witnessing the stronger growth of the Vietnamese-invested sector compared to foreign invested sector, according to the report.

During the year, overseas shipments earned the country $263.45 billion, up 8.1 per cent year-on-year and higher than the target set by the National Assembly and the government of 7-8 per cent.

The domestic sector contributed $82.1 billion, or 31.2 per cent, of total exports, up 18 per cent year-on-year, while the foreign-invested sector made up $181 billion, up 4.2 per cent year-on-year or 68.8 per cent of the total (down 2.5 percentage points year-on-year).

Six groups of goods posted an export value of more than $10 billion, including mobile phones and spare parts with $51.8 billion, up 5.3 per cent; computers and components ($35.6 billion or 20.4 per cent); textiles and garments ($32.6 billion or 7 per cent); machinery, equipment and parts ($18.3 billion or 12 per cent), footwear ($18.3 billion or 13 per cent) and wood and wooden goods ($10.5 billion or 18 per cent)., according to a Vietnamese newspaper report.

The US retained its position as the largest export market of the country with a turnover of $60.7 billion in 2019, marking a yearly hike of 28 per cent. It was followed by the European Union ($41.7 billion), China ($41.5 billion), ASEAN ($25.3 billion), Japan ($20.3 billion) and South Korea ($19.8 billion).

From January to December, the country’s import revenue experienced a modest yearly increase of 7 per cent, reaching $253.51 billion. It added imports mainly served export production at foreign-invested enterprises which accounted for 91.2 per cent of the total import value.

Goods categories reported a significant import turnover such as raw materials with $119.5 billion or 47 per cent of the total value; machinery, means of transport and parts ($111.7 billion, or 44 per cent) and consumer goods ($22.3 billion or 9 per cent).

China continued to be the largest import market of Vietnam with a total turnover of $75.3 billion, signifying an increase of 15 per cent. That meant Vietnam had to face an all-time high trade deficit of $33.8 billion with its neighbour.

Meanwhile, Vietnam’s trade deficit with other markets such as ASEAN and South Korea experienced a slight decrease of 6 per cent at $27.5 billion and 3.2 per cent at $6.8 billion, respectively.

Fibre2Fashion News Desk (DS)

Must ReadView All

Pic: Shutterstock

Textiles | On 20th Jan 2020

US-China Phase I trade deal to boost US cotton exports

The National Cotton Council (NCC) has announced that the Phase 1...

Pic: Shutterstock

Textiles | On 20th Jan 2020

India, Uzbekistan explore preferential trade agreement

India and Uzbekistan recently agreed to conclude early a joint...

Pic: Shutterstock

Textiles | On 20th Jan 2020

China's GDP grew by 6.1% in 2019, slowest in 3 decades

China's economy weakened to its slowest pace in three decades last...

Interviews View All

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Top executives, Machinery Company

Top executives
Machinery Company

We will promote latest technologies at ITMA Barcelona

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Roz Guarnori,

Roz Guarnori

FESPA Global Print Expo 2019, to be held in Munich from May 14-17, is...

Ronald Van Den Broek,

Ronald Van Den Broek

Headquartered in Japan, Mimaki Engineering Co. Ltd. manufactures and...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Pierre Wiertz, EDANA

Pierre Wiertz

EDANA, the international association serving the nonwovens and related...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

January 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search