Vietnam Trade Surplus Crosses $2B in October Owing to Import Reliance

Vietnam recorded a trade surplus of $2 billion in October, a decrease from September as import growth outpaced export growth, according to data from the General Statistics Office (GSO). The Southeast Asian nation, known as a major manufacturing hub, relies heavily on export-driven economic growth. In October, exports rose by 10.1% year-on-year, while imports increased by 13.6%.

For the period from January to October, exports grew 14.9% compared to last year, reaching $335.586 billion, while imports rose by 16.8%, totaling $312.28 billion. In addition, industrial production in October increased by 7.0% year-on-year, down from 10.8% growth in September, indicating a slight slowdown in manufacturing output.

Vietnam’s Prime Minister recently stated that the government aims to achieve an annual growth rate above the projected 6.8%-7.0% for 2024. The country's third-quarter economic growth reached a two-year high of 7.4%. Meanwhile, inflation remains under control, with the consumer price index (CPI) rising 2.89% year-on-year in October, staying within the government's cap for 2024.