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Samsung’s exports of flagship Galaxy S21 drives Vietnam trade surplus in January

Samsung was a major factor that drives Vietnam trade surplus in January. Photo: Thanh Hai.

Vietnam’s exports in January surged over 50% against the same period of last year. Vietnam recorded an estimated trade surplus of US$1.3 billion in January, as Samsung boosted exports of its new flagship smartphone model S21, the General Statistics Office (GSO) has said in a monthly report.

On breaking down, the domestic-invested sector is estimated to post a trade deficit of US$1.8 billion in the first month of the year, while foreign-invested firms have recorded a surplus of US$3.1 billion.

In January, Vietnam has exported goods worth an estimated US$27.7 billion, up 0.2% inter-monthly and up 50.5% year-on-year, while imports are estimated to decline by 5.4% month-on-month and increase by 41% year-on-year to US$26.4 billion.

“A surge in the country’s export-import activities is also attributable to the fact that last year’s week-long Lunar New Year break fell in January,” noted the GSO.

Among Vietnam’s key export staples in January, the group of heavy industrial products and natural resources contributed US$15.6 billion, rising by 71.6% year-on-year, followed by light industrial and craft products worth US$9.7 billion, or an increase of 32.3% and agro-forestry-fishery products (US$1.8 billion, up 21.4%).

The US, EU, China, ASEAN, Japan and South Korea were Vietnam’s top five largest export markets in January.

Meanwhile, China continued to be Vietnam’s largest supplier, selling $9.6 billion worth of goods to Vietnam, up 72.7% year-on-year.

South Korea claimed the second place by exporting $5.1 billion worth of goods to Vietnam, up 29.3% year-on-year, followed by ASEAN countries with $3.4 billion, up 63.3%.
Around 50% of smartphones and tablets from the South Korean IT giant are produced in Vietnam and exported to 128 countries and territories, including the US, Europe, Russia and Southeast Asia.

Hanoitimes