Large trade surplus

Vietnam enjoyed a trade surplus of US$4 billion in 2021, the sixth consecutive year with trade surplus.

At a press briefing to announce the socioeconomic data in 2021, the General Statistics Office reported that the total import-export value in 2021 amounted to US$668.5 billion, rising 22.6% year-on-year. Exports reached US$336.25 billion, up 19%, and imports US$332.25 billion, up 26.5%. The country enjoyed a trade surplus of US$4 billion, which is a positive result amid the negative impact of Covid-19, said Nguyen Thi Huong, head of the GSO.

The foreign investment sector gained a trade surplus of US$29.36 billion while the domestic sector suffered a trade deficit of US$25.36 billion.

There were 35 commodities with export revenue of US$1 billion plus, with eight of them generating revenue of over US$10 billion each, including smartphones and components (US$57.5 billion), electronics, computers and parts (US$51 billion), machinery, equipment and parts (US$38.3 billion), textiles and garments (US$32.7 billion), footwear (US$17.6 billion), timber and woodwork (US$14.8 billion), steel (US$11.7 billion) and means of transport and parts (US$10.7 billion).

The United States was the largest market for exports, with US$95.6 billion. It was followed by China with US$55.9 billion, the EU US$39.9 billion, ASEAN US$29.1 billion, South Korea US$21.9 billion and Japan US$20.1 billion. Meanwhile, China was the largest source of imports, with US$109.9 billion, followed by South Korea with US$56.1 billion, ASEAN US$41.1 billion, Japan US$22.5 billion, the EU US$16.9 billion and the U.S. US$15.5 billion.

In 2020, Vietnam enjoyed a huge trade surplus of US$19.9 billion.