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US exports in value to China have risen 34.7% in the first seven months of 2021 compared to 2019, and at USD 72.4 billion, exports this year are 14.1% higher than in the same period of 2017, before trade war tariffs . Graph and download economic data for Balance of Payments: Total Net Current Account for Vietnam (VNMBCABP6USD) from 2016 to 2024 about Viet Nam, current account, BOP, and Net. US trade balance with China improving on higher exports That is, most products are imported from these countries to Vietnam. Vietnam - United States Department of State He worked on a number of countries, including Russia, Luxembourg, Cyprus, Pakistan, Senegal, and Myanmar. Imports from Japan showed the second largest increase, up Vietnam exports for 2017 was $227.35B, a 18.29% increase from 2016. EU-Vietnam imports and exports have grown at . The statistic shows Vietnam's trade balance from 2010 to 2020. Vietnam - Statistics & Facts | Statista • The U.S. goods trade deficit with Vietnam was $69.7 billion in 2020, a 25.3 percent increase ($14.1 billion) over 2019. Vietnam continues to welcome foreign direct investment (FDI). Vietnam was a major beneficiary of enhanced trade ties; in 2020, Vietnam held a USD 63.4 billion trade surplus with the United States. 6 Oct 2021 - US trade balance with China improving on ... The six largest trade in goods partners of ASEAN countries in 2019 are shown in Figure 1. The U.S. Treasury has determined that Vietnam's currency was undervalued in 2019 by about 4.7% against the dollar due in part to government intervention, according to a new valuation assessment . In the first half of 2019, Vietnam's trade surplus with the U.S. rose 39% to $25.3 billion. Vietnam was a major beneficiary of enhanced trade ties; in 2020, Vietnam held a USD 63.4 billion trade surplus with the United States. These trade surpluses with both Europe and the U.S. have been critical to the continuous growth of the country. With these changes, the SBV hopes to safeguard the dong against fluctuation in domestic and international markets, and maintain the competitiveness of Vietnam's exporters. The English translation provided by the State Bank of Vietnam Portal may only be used for reference. Merchandise Trade summary statistics data for Vietnam (VNM) including exports and imports, applied tariffs, top export and import by partner countries and top exported/imported product groups, along with development indicators from WDI such as GDP, GNI per capita, trade balance and trade as percentage of GDP for year 2019 The country's total external trade in goods — or the sum of export and import goods — was $14.181 billion in October, down 12.8% from $16.256 billion last year. Plastics, plastic articles: -US$9.7 billion (Down by -12.3% since 2019) The balance of trade is heavily in Vietnam's favour, with the EU importing over three times as much from Vietnam as it exports to it. Steel Trade Balance Prior to 2009, South Korea had a trade deficit in steel products. 93286, posted 18 Apr 2019 08:16 UTC. Francois joined the IMF in 2009 and was previously the IMF Resident Representative in Georgia. Since 1995, China has been recording consistent trade surpluses which from 2004 to 2009 has increased 10 times. Compared with 2019, the trade balance has in fact improved in the first seven months of this year, aided by higher valued exports. Vietnam posted a trade surplus of USD 2.5 billion in December of 2021, shifting from a deficit of USD 0.25 billion in the same month a year earlier, as exports grew much stronger than imports, preliminary data showed. Life expectancy at birth in Vietnam 2019, by gender. was Vietnam's 2nd largest trading partner in 2019; Vietnam was the United States' 13th largest trading partner. During 2019 the balance of trade for goods enjoyed a surplus of US$11.12 billion, with the country's trade surplus increasing by 62.9 per cent from the previous year. But Thailand is preparing for trade negotiations with the EU in the second half of 2019. Vietnam Major Exports. Vietnamese officials say they're making good-faith efforts to trim it. Table reflects only those months for which there was trade. Hanoi- Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today concluded comprehensive economic discussions with Vietnamese government officials in Hanoi as part of a U.S. delegation visit to three countries in the Indo-Pacific region.. Vietnam trade balance for 2019 was $8.36B, a 1.53% increase from 2018. According to the preliminary data from the Vietnamese government, manufacturing greatly contributed to expanding the trade balance, and the trade surplus including services should exceed USD 19 billion for the first time in 2019. This swelling trade differential has long been a source of resentment for the administration . Very sluggish global trade growth and composition effects left a Merchandise Trade statistics data for Vietnam (VNM) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. Trade in Energy-Related Petroleum Products, Including Crude Oil. European Commission Directorate-General for Trade 02-06-2021 3 Units R4 / A3 European Union, Trade with Vietnam Total goods: EU Trade flows and balance, annual data 2010 - 2020 Source Eurostat Comext - Statistical regime 4 Total goods: EU Trade flows and balance Source Eurostat Comext - Statistical regime 4 Period Imports Exports Balance Total trade At the 48th Chief Financial Officer (CFO) World Congress held in Ho Chi Minh City on November 15 th, regarding the biggest risks to Vietnam's economy in 2019, PhD.Han Manh Tien, Chairman of Vietnam Association of Corporate Directors (VACD), stated, "The biggest risk is the legal regulations of Vietnam." For 2016, the panel projects the dong to trade at 22,108 . Text. Monday's data also showed Vietnam's trade surplus with. With the release of the "U.S. International Trade in Goods and Services, January 2020" report on March 6, 2020, exhibit 17 will include exports of energy-related petroleum products—in addition to imports—and will be renamed Exhibit 17.U.S. June 19, 2019, consideration of the staff report that concluded the Article IV consultation with Vietnam. Resident Representative, Lao PDR and Vietnam since June 2019. The highlight of the day was the delegation's meeting with Prime Minister of Vietnam Nguyen Xuan Phuc, who noted that . Data from the customs regulator also revealed that Vietnam's overall exports for the past 11 months rose by 7.9% from a year ago to US$241.7 billion, thereby meeting the full-year growth target of 7%-8% set by the National . According to the preliminary data from the Vietnamese government, manufacturing greatly contributed to expanding the trade balance, and the trade surplus including services should exceed USD 19 billion for the first time in 2019. According to Aat Pisanwanich, Director of the Centre for International Trade Studies at the University of the Thai Chamber of Commerce, Thai-EU trade will decline in coming months without a trade deal to rival the new Vietnam-EU agreement. 10 among U.S. trade partners in October. Age structure in Vietnam 2020. . Rank 2020 this month. It said the country's action caused the dong exchange rate, which . Vietnam Trade Balance data is updated monthly, available from Jan 1996 to Nov 2021, with an averaged value of -219.3 USD mn. the U.S and Europe have together accounted for more than USD 75bn in trade surpluses. Vietnam ranked No. 2447/QD-NHNN dated 25 November 2019 promulgated by the State Bank of Vietnam amending and supplementing the operations of Joint Stock Commercial Bank for Foreign Trade of Vietnam. Steel Trade Balance With the exception of three quarters, Canada has maintained a moderate trade deficit in steel products since 2005. 12-19. Trade balance by top partners. Japan, the United States and the EU all have an 8 % share in ASEAN imports. 2019. Furthermore, since 2018, Vietnam is a net exporter of services. Bekkers et al. Investment As in previous years, this was caused by a drop in the goods trade surplus. None. Exports jumped 24.8 percent from a year earlier to USD 34.5 billion, while imports grew at a softer 14.6 percent to USD 32 billion. Vietnam trade balance for 2017 was $6.27B, a 19.26% increase from 2016. Pakistan trade balance for 2019 was $-28.38B, a 18.72% decline . Trade balance of Vietnam 2020. Vietnam joined the World Trade Organization in 2007 and signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in 2018. . 115. Francois holds undergraduate and graduate degrees in economics from the Université . 0103024468 dated 2 June 2008 issued by Hanoi Authority for Planning and Investment, 114. CAGR . The General Statistics Office late last month forecast the 2019 trade surplus at $9.94 billion, and December's trade deficit at $1 billion. NDO - Vietnam reported an all-time high trade surplus of US$9.94 billion in 2019, making positive contributions to the balance of payments and stabilising other macroeconomic indices, according to the Ministry of Industry and Trade. 1 Impacts of Exchange Rate on Vietnam-Japan Trade Balance: A Vietnam's new 2019 labor code has added . According to Vietnam Customs, by the end of November 2020, the total trade turnover between the two countries reached US$9.08 billion, of which, Vietnam's export turnover reached US$6.05 billion, up 0.5 percent over the same period in 2019. 0 . For each simulation, we examine how results for Vietnam's trade balance, capital stock, imports, exports, terms of trade, welfare , factor prices 213. 2019 : U.S. trade in goods with Cambodia . Current Account Balance for Vietnam from International Monetary Fund (IMF) for the International Monetary Fund - Balance of Payments (BOP) release. The country posted total import and export revenue of US$516.96 billion in 2019, up 7.6% compared to 2018. Market Value: 47,430 (millions) - Last Updated: June, 2019 License : CC BY-4.0. Vietnam's trade deficit with China has remained high for many years, with the 2018 figure standing at US$24 billion. Trade balance is the value of exported goods minus the value of imported goods. • The Staff Report prepared by a staff team of the IMF for the Executive Board's consideration on June 19, 2019, following discussions that ended on April 19, 2019, with the officials of Vietnam on economic developments and policies. HÀ NỘI — Việt Nam posted a positive trade surplus of over US$1 billion with ten countries in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) seven months after the trade deal came into effect, according to a report by the General Department of Vietnam Customs. FocusEconomics Consensus Forecast panellists expect the dong to trade at 21,812 per USD at the end of this year. National debt of Vietnam 2026 . In 2020, two-way merchandise trade between Canada and Vietnam totaled $8.9 billion, up from $8.0 billion in 2019, comprised mainly of imports from Vietnam (approximately 92% of the total). Strategic priorities and rationale Our strong partnership with Vietnam. Details may not equal totals due to rounding. World Bank national accounts data, and OECD National Accounts data files. (2020) explore the two trade balance closures in more detail, in a study of alternative trade balance closures in dynamic baselines. Vietnam Major Exports. 9 % of ASEAN exports originate in the EU, which places it fourth behind the . Overview In September 2020 Malaysia exported MYR88.9B and imported MYR67B, resulting in a positive trade balance of MYR22B.Between September 2019 and September 2020 the exports of Malaysia have increased by MYR11.2B (14.4%) from MYR77.7B to MYR88.9B, while imports decreased by MYR-2.41B (-3.48%) from MYR69.4B to MYR67B. Data from the customs regulator also revealed that Vietnam's overall exports for the past 11 months rose by 7.9% from a year ago to US$241.7 billion, thereby meeting the full-year growth target of 7%-8% set by the National . Bilateral trade increased by nearly 32% in 2019, and the U.S. trade deficit with Vietnam rose to nearly $56 billion, an increase of 42% over 2018. The European Parliament subsequently gave its consent to both Agreements on 12 February 2020 and the Free Trade Agreement was concluded by Council on 30 March 2020. The Trade Agreement entered into force on 1 August 2020. 155. Rising exports in the first half of . Investment Trade with Europe was well balanced in 2019. Market Value: 47,430 (millions) - Last Updated: June, 2019 Aggregates. In 2018, Vietnam attracted USD 19.1 billion of FDI, a 9.1 percent increase from 2017, while global foreign direct investment fell by nearly a fifth, according to the U.N. Conference on Trade and Development's (UNCTAD) 2018 report. The data reached an all-time high of 5.0 USD bn in Aug 2020 and a record low of -2.9 USD bn in May 2008. NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. freedom since January 2019, and the number of political prisoners is rising (in 2019, over 100, according to Amnesty International). Economic issues likely to arise in 2020 The second lists top trade partners of Vietnam regarding import total (buying). The country's export turnover with CPTPP countries amounted to 15.4 per cent of Việt Nam . Below are exports from Vietnam that result in negative net exports or product trade balance deficits. This range was set to ensure a balance between the expected economic growth and inflation control, which would allow Vietnam to manage its social as well as macroeconomic conditions. Most notably, China retains its position as the largest market among more than 200 countries and territories that Vietnam has established trade ties with turnover between the . Therefore, it is important that global demand continue to improve, especially in U.S and EU 28 contributing 47% and 14 . 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