Vietnam records US$2 billion trade surplus in October

VIETNAM reported a trade surplus of US$2 billion in October, narrowing from the previous month as imports grew at a faster rate than exports, government data showed on Wednesday (Oct 6).

The South-east Asian country, a regional manufacturing hub, relies heavily on exports for its economic growth. Shipments abroad rose 10.1 per cent in October from a year earlier, the General Statistics Office (GSO) said, while imports increased by 13.6 per cent.

For the January to October period, exports rose 14.9 per cent from a year earlier to US$335.6 billion, while imports were up 16.8 per cent to US$312.3 billion, the GSO said.

Industrial production rose by 7 per cent in October from a year earlier, slower than 10.8 per cent growth in September.

Last month, the Prime Minister said the government wanted to drive economic growth above an expected rate of 6.8 to 7 per cent this year. In the September quarter, annual growth hit a two-year high of 7.4 per cent.

The consumer price index rose 2.89 per cent in October from a year earlier, below the government’s cap for 2024. REUTERS