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Vietnam to earn $1.5 billion trade surplus in 2014

Staff writer |
Vietnam is expected to record a trade surplus of $1.5 billion in 2014 based on its January-November imports and exports, according to the Ministry of Industry and Trade, local media reported.

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Vietnam would pocket around $150 billion from exports while spend 148.5 billion on imports this year, the Saigon Times daily reported.

In 2013, the country's exports and imports stood at $132.2 billion and over 131 billion, respectively.

The ministry's forecast was based on the foreign trade data for the first 11 months of this year, when exports grew 13.7 percent on year to 137 billion. Of the total, domestic enterprises accounted for 44.8 billion, up 13 percent, while foreign- invested firms contributed 85.4 billion (excluding crude oil), up 15.1 percent.

The processing industry was the biggest export contributor in this period with shipments up 14.8 percent year-on-year to more than $100 billion.

Major export earners maintained their strong growth momentum in the reviewed period, with apparel rising 18.2 percent to $19.2 billion, footwear up 23 percent to $9.2 billion, and agro-forestry-fisheries up 14.5 percent to $20.6 billion.

The United States ranked the top export market with $26.2 billion (up 21.3 percent year on year), followed by the European Union with 24.8 billion, ASEAN with $17.3 billion, and China with 13.5 billion.

Meanwhile, imports in the 11-month period reached nearly $135 billion, a year-on-year increase of 12.6 percent. Foreign- invested firms imported nearly $76.7 billion, up 12.5 percent; while the domestic enterprises spent $58.3 billion, up 12.7 percent.

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