Does Vietnam have a trade surplus?

Is Vietnam a deficit or surplus?

The country enjoyed a trade surplus of US$13.69 billion during the same period last year, according to Vietnam News Agency. From January to August, the domestic sector also reported a trade deficit of US$20.36 billion while the foreign-invested sector (including crude oil) gained a trade surplus of US$16.65 billion.

How is trade balance of Vietnam in 2019?

The General Statistics Office late last month forecast the 2019 trade surplus at $9.94 billion, and December’s trade deficit at $1 billion. Monday’s data also showed Vietnam’s trade surplus with the United States, Vietnam’s largest export market, widened to $46.98 billion last year from $34.87 billion a year earlier.

Does Vietnam have any trade barriers?

Vietnam eliminated many non-tariff barriers under the 2001 United States-Vietnam Bilateral Trade Agreement (BTA) and through its accession to the WTO, including quantitative restrictions on imports, quotas, bans, permit requirements, prior authorization requirements, licensing requirements, and other restrictions …

What type of economy does Vietnam have?

Vietnam has a mixed economy in which there is limited private freedom, but the economy remains highly controlled by the government. Vietnam is a member of the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), and the Trans-Pacific Partnership (TPP).

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What is the trade deficit with Vietnam?

Vietnam’s trade deficit increased to $1.3 billion in August, pushing accumulated deficit in the first eight months to $3.71 billion. In August, total import-export turnover reached $53.7 billion, down nearly 6 percent over July, according to a report of the Ministry of Industry and Trade on Wednesday.

What has the balance of trade in Vietnam been recently?

A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2020, Vietnam’s trade surplus amounted to around 19.95 billion U.S. dollars.

Vietnam: Trade balance from 2010 to 2020 (in billion U.S. dollars)

Characteristic Trade balance in billion U.S. dollars

How do you calculate balance of trade?

Balance of Trade

  1. Balance of trade is the difference between the value of a country’s imports and its exports, as follows:
  2. value of exports – value of imports = balance of trade.

Which countries have trade surplus?

Top 20 economies with the largest surplus

Rank Economy CAB (million US dollars)
1 Germany 280,238
2 Japan 185,644
3 China 141,335
4 Netherlands 90,207

What happens when a country has a trade surplus?

A trade surplus can create employment and economic growth, but may also lead to higher prices and interest rates within an economy. A country’s trade balance can also influence the value of its currency in the global markets, as it allows a country to have control of the majority of its currency through trade.