Only VN locality enjoying trade surplus of over US$10 bln in 2022

Samsung Electronics has made a significant contribution to Thai Nguyen's trade annually. (Photo: nhadautu.vn)

The northern mountainous province generated an export surplus of US$11.6 billion in 2011, topping the list of localities that produced a trade surplus for the whole year, said the General Department of Vietnam Customs.

Statistics show the province raked in more than US$31 billion from exports (up 6.6% year on year), but only spent US$18.3 billion on imports (up 3.3% year on year).

Thai Nguyen mainly exports electronic products, garments, non-ferrous metals and non-ferrous metal concentrates, transport spare parts, paper and paper products. Its main imports included raw materials for animal feed processing, iron and steel products, machinery and equipment and spare parts, fabrics and textile materials.

According to the Thai Nguyen Provincial Portal, the locality last year attracted a large number of investors interested in production projects that mainly serve export needs. Other operational businesses applied for an increase in capital to expand production in the locality.

Notably, Samsung Electro-Mechanics Vietnam decided to pump an additional US$920 million into its expansion project, starting in 2022. Meanwhile, Sunny Opotech committed to pouring US$350 million into its second project in the locality.

The local export value in recent years has always grown by over 10% per year, directly contributing to the province’s export value./.