Exports and imports both with positive growth, Vietnam has a trade surplus of nearly USD 20 billion in 2020.

Information of the General Department of Customs released on the afternoon of January 13, 2021 showed that, in December 2020, the total export turnover of the whole country reached more than USD 27.6 billion, increased by 9.6% compared to November 2020. Thereby, the total export turnover of the whole year increased to USD 282.65 billion, an increase of 7% compared to 2019.

Last year, Vietnam had 6 groups of export goods with a turnover of USD 10 billion or more.

The leading groups are phones and components with a turnover of USD 51.2 billion, however, this value decreased by 0.4% compared to a year ago. The remaining groups are: computers, electronic products and components with nearly USD 44.6 billion, an increase of 24.1%; textiles and garments reached USD 29.8 billion, decreased by 9.8%; machinery, equipment, tools and spare parts reached nearly USD 27.2 billion, an increase of 48.6%; footwear nearly USD 16.8 billion, decreased by 8.3%; timber and wood products reached nearly USD 12.4 billion, an increase of 16.2%.

On the import side, the General Department of Customs data recorded a turnover of USD 27.9 billion in December 2020, an increase of 13% compared to November, thereby bringing the total turnover of the year to USD 262.7 billion, increased by 3.7% compared to 2019. Computers, electronic products and components are the largest import commodity group with a turnover of nearly USD 64 billion, an increase of 24.6% compared to 2019.

Thus, even in the context of the Covid-19 pandemic, with the Government's drastic instructions in realizing the dual goal of preventing and controlling epidemics together with economic development; the efforts of the ministries, branches, localities, the business community and employees, in 2020, the total import-export turnover of Vietnam still set a new record with more than USD 545 billion, an increase of about USD 28 billion compared to the result of 2019. And 2020 also recorded a record trade surplus of nearly USD 20 billion, nearly double the surplus of 2019.

Vietnam started to have a trade surplus in 2012. Since then, Vietnam has had a continuous trade surplus (except for 2015, the trade deficit was USD 4 billion). However, Vietnam has never achieved such a large trade surplus like this year.

To date, Vietnam has signed 15 FTAs, of which 14 have taken effect. The Regional Comprehensive Economic Partnership (RCEP) alone is in the process of ratification.

The results achieved in 2020 have made Vietnam one of the most open economies. Vietnam has trade relations with over 230 markets, creating favorable conditions for domestic enterprises to expand their markets, connect and participate more deeply in the global value chain and production network.

Kylie Nguyen