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).
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
- Balance of trade is the difference between the value of a country’s imports and its exports, as follows:
- 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)|
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.