According to a report by the General Statistics Office (GSO) published on the morning of May 29, in the first five months of 2023, Vietnam recorded a trade surplus of USD 9.8 billion.

According to GSO, trade promotion activities were strongly promoted, therefore, the import and export turnover in May increased compared to April 2023 with +5.3%, estimated at USD 55.86 billion. However, compared to the same period last year, Vietnam's import and export turnover still decreased by 12.3%. In the month, Vietnam is estimated to have a trade surplus of USD 2.24 billion.

Accumulated over the first five months of 2023, the total export and import turnover of goods is estimated at USD 262.54 billion, a decrease of 14.7% over the same period in 2022, of which, exports decreased by 11.6%; imports decreased by 17.9%.

Vietnam's merchandise in the first five months of 2023 is estimated to have a trade surplus of USD 9.8 billion. The domestic economic sector had a trade deficit of USD 8.76 billion; FDI sector (including crude oil) had a trade surplus of USD 18.56 billion.

Regarding the export and import market of goods in the first five months of 2023, the US is the largest export market of Vietnam with an estimated turnover of USD 37.2 billion; China is the largest import market with an estimated turnover of USD 43.4 billion.

In the first five months of 2023, Vietnam's trade surplus with the US is estimated at USD 31.2 billion, a decrease of 22% over the same period last year; trade surplus to the EU of USD 12.6 billion, a decrease of 3.6%; trade surplus with Japan of USD 521 million (trade deficit in the same period of USD 564 million).

In contrast, Vietnam had a trade deficit of USD 23.6 billion in goods from China, decreased by 16.7%; trade deficit with Korea Republic of USD 10.8 billion, a decrease of 38.3%; trade deficit with ASEAN of USD 3.4 billion, a decrease of 41.3%.

Vietnam's export turnover of goods in May 2023 is estimated at USD 29.05 billion, increased by 4.3% over the previous month. In which, the domestic economic sector reached USD 7.79 billion, increased by 1%; the foreign-invested sector (including crude oil) reached USD 21.26 billion, increased by 5.5%.

Compared to the same period last year, the export turnover of goods in May 2023 decreased by 5.9%. In which, the domestic economic sector decreased by 5.9%, the foreign investment sector (including crude oil) decreased by 5.8%.

Accumulated over the first five months of 2023, export turnover of goods is estimated at USD 136.17 billion, a decrease of 11.6% over the same period last year. In which, the domestic economic sector reached USD 35.19 billion, a decrease of 13.2%, accounting for 25.8% of total export turnover; the foreign-invested sector (including crude oil) reached USD 100.98 billion, a decrease of 11.1%, accounting for 74.2%.

Kylie Nguyen