Although export growth slowed in September, the trade activity is still a bright spot in the national economy, with a trade surplus maintained at a high level in the first three quarters, hitting 6.52 billion USD.

Vietnam's export turnover in the first nine months of this year reached an estimated 282.52 billion USD, representing a year-on-year increase of 17.3%.


According to a report by the Ministry of Industry and Trade (MoIT), Vietnam earned 29.94 billion USD from export in September this year, down 14.3% month-on-month. However, the export turnover in the third quarter reached an estimated 96.5 billion, 17.2% higher than last year's.

The amount of foreign currency Vietnam earned from commodity exports during January-September was estimated at 282.52 billion USD, up 17.3% over the same period last year, making a positive contribution to the country's trade balance.

The key commodity groups still played their supporting role, creating leverage for export activities.

The export of agriculture, forestry and fishery products raked in an estimated 23 billion USD, up 15.6% over the same period last year, accounting for 8.2% of the total export turnover.

In this group, the export of aquatic products recorded impressive growth, reaching about 8.5 billion USD, up 38% over the same period last year.

Other items, such as coffee, reported growths of 37.6% in export value and 13.7% in volume over the same period last year. Meanwhile, the rice export increased by 19% in volume and 19% in value year-on-year.

Notably, industrial product exports were valued at 243 billion USD in the first nine months, up 17.4% year-on-year and accounting for 86% of the total export turnover.

In this group, the export of most key commodities recorded a more-than-10% growth such as fertilisers (up 170%); chemicals (44%); chemical products (33%); footwear (36.6%); computers, electronic products and components (13.3%), the MoIT reported.

Additionally, the export of fuel and minerals also surged by 44.9% compared to last year's period, remarkably contributing to the sector's export.

From January-September, the US remained Vietnam's biggest importer, with a turnover of 86.3 billion USD, up 25.4% compared to the same period last year. Meanwhile, the export to the EU was estimated at 35.7 billion USD, representing a year-on-year rise of 23.8%.

The results were attributable to positive contributions from free trade agreements (FTA) that Vietnam joined, including the EU- Vietnam FTA (EVFTA).

Experts said the structure of Vietnam's exports to the EU tends to expand further.

Besides key products with high growth rates, such as machinery and equipment (up 34.8%), textiles (41.2%), and footwear (36.2%), many other items also recorded significant increases, including coffee (up 54.4%), seafood (41.9%), vegetables (18%), pepper (25%), and rice (22.2%).

With great opportunities brought by the EVFTA, Vietnam will have many favourable conditions in attracting investment capital, technology transfer, and supporting projects from EU partners to promote economic development in a green and sustainable direction, helping Vietnamese goods meet EU technical and environmental standards, join more deeply in sustainable, mutually-beneficial and complete supply chains with the EU, Minister of Industry and Trade Nguyen Hong Dien stressed.

Vietnam spent 90.7 billion USD on imports in the third quarter, up 8.1% compared to last year's period. The imports reached 276 billion USD in the first nine months, up 13% year-on-year, respectively.

In the reviewed period, 32 commodities reported their export value of more than 1 billion USD each, with six of them surpassing the 10-billion-USD mark.

Meanwhile, 42 commodities saw their import value of over 1 billion USD, with four of them surpassing the 10-billion-USD mark.

In the period, Vietnam saw a trade surplus of 24.3 billion USD with the European Union and a trade deficit of 51.5 billion USD with China, up 48.2% and 21.3% y-o-y, respectively.

Deputy Minister of Industry and Trade Do Thang Hai said that in the remaining months of this year, his ministry would focus on supporting businesses in finding alternative sources of raw materials with reasonable prices to ensure a sufficient supply of fuel and materials to prepare for the year-end shopping season; and help them make good use of signed FTAs to speed up production and export.

He added attention would be paid to creating more favourable conditions for enterprises to conduct administrative procedures.