Vietnam enjoyed large trade surplus in August thanks to Samsung Note 20 exports Export turnover in August 2020 was estimated at $26.5 billion, up 6.5 per cent compared to the month prior (after adjustment), of which the domestic companies contributed $9.5 billion, up 4 per cent, while foreign-invested enterprises made up $17 billion, up 8 per cent. The growth of exports in the past month was mainly driven by Samsung Complex’s export of its new Note 20, according to Bao Viet Securities (BVSC). Over the first eight months of the year, export turnover is estimated at $174 billion, up 1.6 per cent on-year, while import turnover was $162.2 billion, down 2.6 per cent. Since imports experienced a more significant decline than exports, Vietnam maintained a large trade surplus of $11.9 billion in the first eight months and $3.5 billion in August alone. The US remains the largest export market with 19 per cent growth, followed by Chinese market with a 13 per cent increase. In the opposite direction, exports to the EU, ASEAN, Japan, and South Korea decreased by 4, 13.6, 6, and 1.5 per cent. As of August, there were three groups of high-value industrial products achieving solid export growth,… Read full this story
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