Vietnam enjoys trade surplus of 4.72 billion USD in Jan-Feb

Thursday, 29/02/2024 18:11
The General Statistics Office (GSO) said that Vietnam has reached a trade surplus of 4.72 billion USD in the first two months of 2024, higher than the figure of 3.5 billion USD reported in the same period last year, according to the Vietnam News Agency
Cat Lai port in Ho Chi Minh City. (Photo: VNA)

In the period, the country's total import-export turnover is estimated at 113.96 billion USD, up 18.6% year-on-year.

Specifically, exports are estimated at 24.8 billion USD in February, down 28.1% month-on-month, and 5% year-on-year; and at 59.34 billion USD in the first two months, up 19.2% year-on-year.

There are 11 commodities that recorded an export value of over 1 billion USD each, accounting for 75.1% of the total export revenue. Notably, four commodities see their export value surpassing 5 billion USD.

Meanwhile, imports are estimated at 23.72 billion USD in February, down 23.2% month-on-month, and at 54.62 billion USD in the first two months, up 18% year-on-year.

The US was Vietnam's largest export market in the period, with an estimated turnover of 17.4 billion USD, up 33.7% year-on-year, while China was the country's biggest import market with an estimated turnover of 20.9 billion USD, up 49.7% year-on-year.

Over 3 million foreign arrivals logged in 2 months

Vietnam hosted more than 3 million foreign tourists in January and February, increasing by 68.7% annually and almost equal to the pre-pandemic level, the Vietnam News Agency reported.

According to official figures released by the General Statistics Office of Vietnam (GSO) on February 29, air travelers accounted for 84.2% of the sum, up 1.6 times compared to 2023, road and sea passengers made up 12.8% and 3%, respectively.

Vietnam hosted more than 3 million foreign tourists in January and February this year.
(Photo: VNA)

The revenue from tourism services is estimated to reach 9 trillion VND (365.2 million USD), an annual rise of 35.8%.

In February alone, more than 1.5 million foreign visitors came to Vietnam, 1.3% higher than the previous month and 64.1% higher than the same period last year.

Experts attributed the result to favourable visa policies, stimulus programmes, and the efforts of the government and people in promoting and marketing tourism over the past time.

Starting August 15, 2023, Vietnam has officially issued electronic visas to citizens of all countries and extended the temporary residence period from 30 days to 90 days. Citizens of countries unilaterally exempted from visas to Vietnam, meanwhile, have their temporary residence period extended from 15 days to 45 days.

Tourists in Ho Chi Minh City (Photo:

In 2023, the Southeast Asian nation welcomed 12.6 million foreign tourists, nearly 3.5 times that in 2022. In January 2024 alone, the amount stood at over 1.5 million, equivalent to the same period in 2019 before the pandemic broke out.

Hoa Phat pipe products enter over 1,200 retail stores across Japan

The Vietnamese steel giant Hoa Phat Group is off to a strong start in 2024 for its steel pipe segment, securing substantial export orders from the US, Australia, and Canada, notably, the first shipment to a major retail chain with over 1,200 stores across Japan, said the Vietnam News Agency.

These Hoa Phat steel pipes cater directly to Japanese consumers through the "Do-It-Yourself (DIY)" model. This means they could buy the pipes for various purposes like building garden trellises, wooden shelves, carports or crafting household items.

At a Hoa Phat plant in Hai Duong (Photo: VNA)

To penetrate this demanding market, the pipes had to meet rigorous quality standards concerning load-bearing capacity, corrosion resistance and weatherability, especially against a cold climate. These qualities allow for their application in even harsh outdoor conditions.

According to the company’s leader, a Japanese partner plans to visit Vietnam in the coming time to discuss orders for 2024 and explore potential expansion into importing additional product lines beyond the initial shipment.

In 2023, Hoa Phat steel pipe sales volume reached 685,000 tonnes. In particular, export sales grew by nearly 40% year-on-year despite the challenging global steel market conditions.

Beyond steel pipes, the company has also ventured into the Asian, European, and American markets with its galvanised steel coils since 2024, receiving positive feedback on quality from partners.

Two-month coffee exports likely to exceed US$1 billion

The recent continuous rising coffee prices have helped local coffee exports to achieve the target of US$1 billion in the first two months of the year, representing an increase of 50% against the same period from last year, Radio the Voice of Vietnam quoted the figures of the General Department of Vietnam Customs.

At the end of the trading session on February 28, coffee prices had increased by VND1,500 to nearly VND84,000 per kilo, the highest figure recorded so far. The increase in prices have therefore helped several export businesses secure orders until August.

Statistics indicate that by mid-February, the country exported nearly 295,000 tonnes worth US$911 million, up 67% against the same period from last year.

On average, each tonne of coffee is traded at about US$3,100, posting a 43% year-on-year rise.

Two-month coffee exports likely to exceed US$1 billion (Photo: VOV)

According to business representatives, exports have gained momentum following the Lunar New Year, thereby helping the product to earn more than US$1 billion during the two-month period.

Europe makes up the largest importer of Vietnamese coffee, duly accounting for 29% of total export turnover, followed by the United States, China, Russia, and Indonesia.

According to details given by the Vietnam Coffee and Cocoa Association (VICOFA), the shortage of supply source in the market has helped domestic exporters to enjoy a range of advantages.

Furthermore, the EU's inclusion of coffee in the category of having to meet the EU Deforestation-free Regulation (EUDR) as of mid-2023 will has also affected the price of the agricultural product.

Vu Duc Con, deputy director of the Dak Lak Department of Agriculture and Rural Development, assessed that coffee exports will continue to enjoy a number of benefits moving forward due to rising global demand.

VICOFA forecasts that coffee exports could reach between US$4.5 billion and US$5 billion this year. Last year, the nation exported more than 1.62 million tonnes of coffee, worth over US$4.2 billion./.

Compiled by BTA