Vietnam’s 10-month trade surplus hits five-year record high of US$24.6 billion

Friday, 03/11/2023 18:20
Vietnam maintained a positive trade balance of US$3 billion in October, raising the country’s total trade surplus during January – October 2023 to more than US$24.6 billion, the highest in five years, according to Radio the Voice of Vietnam.

Vietnam has maintained a positive trade balance over the past 10 months,
hitting US$24.6 billion, the highest in five years. (Photo: VOV)

Vietnam has maintained a positive trade balance over the past 10 months, hitting US$24.6 billion, the highest in five years.

The 10-month trade surplus increased more than 2.5 times compared to the same period last year, said the Ministry of Industry and Trade (MoIT).

The trade surplus helps maintain macroeconomic stability, ensure major economic balances and support the international balance of payments, said the ministry.

The trade surplus was maintained thanks to the sound performance of the foreign invested enterprise sector that struck US$42.6 billion in export surplus (including revenue from the export of crude oil) in 10 months. However, the domestic economic sector slipped into a trade deficit of nearly US$18 billion in the reviewed period.

Unlike previous years, this year saw Vietnam record a positive trade balance due to a sharp fall in imports in comparison with exports.

MoIT statistics show imports rose by 2.9% month on month to US$29.3 billion in October, but 10-month imports declined 12% year on year to US$267 billion. Meanwhile, 10-month exports fell just 7.1% year on year to US$291.28 billion.

According to the MoIT, the remaining two months of the year will still be difficult due to strategic competition between major powers, increased uncertainty, slow global economic recovery and prolonged conflicts between Russia and Ukraine, and between Israel and Hamas, alongside new global food security risks.

In addition to stimulating domestic consumption, the MoIT said it would accelerate negotiations towards signing trade agreements with potential partners such as the United Arab Emirates and the Southern Common Market (Mercosur) in an effort to diversify markets, products, and supply chains.

HCMC’s tourist arrivals top 30 million in 10 months

Ho Chi Minh City welcomed more than 30 million domestic and foreign visitors during January – October, the Vietnam News Agency quoted the information of the municipal Department of Tourism.

The number included 4.12 million foreign tourists, or 82% of the set target.

Ho Chi Minh City welcomed more than 30 million domestic and foreign visitors during January – October. (Photo: 

Revenue from accommodation and catering services was more than 89.45 trillion VND (3.6 billion USD), and that from travel service was over 8.9 trillion VND, up 30.6% and 68.3% year on year, respectively.

Director of the municipal tourism department Nguyen Thi Anh Hoa attributed the result to the sector's efforts to develop an array of tourism programmes that connect tourist attractions in the city, and those that link local destinations with tourism sites in 13 Mekong Delta provinces, Southeastern region, Northwestern region, Northeastern region and north central region.

With a view to realising its goal of welcoming 5 million international visitors and more than 35 million domestic ones, and gaining some 160 trillion VND in tourism revenue, the sector will continue to popularise its standout tourism offerings through various events.

The third Ho Chi Minh City Tourism Week, which will take place from December 4 to 10, has received enthusiastic response from travel companies. It will feature special tourism, sport and musical events, along with promotional programmes to stimulate shopping and travel demand across the southern economic hub. 

Sai Gon Central Post Office is a famous tourist destination in the city. (Photo: VNA) 

A highlight of the week will be an exhibition where Thu Duc city and 21 districts of HCM City will display their tourism information and images, including attractive tours and typical tourism products.

Local tourism businesses are working to branch out new tours and design incentives for green tourism products and services in response to the Tourism Week.

Hai Duong attracts 390 million USD into industrial parks

The northern province of Hai Duong on November 2 gave the green light to two investment projects with combined capital of nearly 390 million USD, said the Vietnam News Agency.

Nguyen Trung Kien, head of the management board of industrial parks in Hai Duong province, said that the first project is to build a stationery factory of China’s Deli Group Co., Ltd., whose total registered investment is over 6.49 trillion VND (270 million USD), in the expanded Dai An industrial park in Cam Giang district.

Construction of the factory is expected to begin in the second quarter of 2024, and it will be put into operation in the fourth quarter of 2026, using around 3,000 labourers inside and outside the country.

The expanded Dai An industrial park in Cam Giang district (Photo: VNA) 

The second project is to build Boviet Hai Duong solar photovoltaic cell factory of BoViet Solar, a subsidiary company of China’s Boway Alloy, in Cong Hoa industrial park in Chi Linh city. Its total investment is over 2.82 trillion VND (120 million USD).

The factory is expected to be built and put into operation within 18 months from the granting of the investment registration certificate, and employ over 1,000 domestic and foreign workers.

Standing Vice Chairman of the provincial People's Committee Luu Van Ban requested Cam Giang and Chi Linh to coordinate with the two industrial parks to speed up site clearance progress in order to soon hand over land plots to the investors.

Incheon – Da Lat service to be launched by RoK’s Jeju Air

Jeju Air, the Republic of Korea’s biggest low-cost carrier, will open the Incheon – Da Lat route from December 20, with seven round trips a week, according to the Vietnam News Agency.

In its announcement on November 3, the airline said the flight will depart from Incheon at 22:20, and arrive in Da Lat at 01:30 (local time). The return leg from Da Lat will depart at 2:30 and land at Incheon airport at 9:30 the same day.

Jeju Air, the Republic of Korea’s biggest low-cost carrier, will add the Incheon – Da Lat route to its flight network to Vietnam from December 20. (Photo: VNA) 

When this new route commences, Jeju Air will be operating a total of seven to six Vietnamese cities. With flights connecting Incheon and Da Nang, Nha Trang, Phu Quoc, Hanoi, and Ho Chi Minh, and Busan and Danang, Jeju Air holds the leading position among the RoK's airlines in terms of the number of routes to the Southeast Asian country.

To celebrate the launch of the new route, Jeju Air is offering discounted flight tickets from 10:00 on November 7 to 17:00 on November 21 for flights between December 20, 2023 and March 30, 2024.

The Incheon-Dalat route is set to enhance convenience and improve accessibility for travelers. With the added benefits of discounted fares and a wealth of tourist attractions, Vietnam’s enchanting city of Dalat is now more accessible and enticing than ever before.

Bestowed with year-round cool climate, green pine forests, misty landscapes, and resplendent architectural gems dating back to the colonial era, the resort town of Da Lat in the Central Highlands province of Lam Dong has been a well-known destination both at home and abroad./.

Compiled by BTA