Vietnam achieved a trade surplus of $14.08 billion during the first seven months of this year, according to the General Statistics Office on Monday.

Between January and July, Vietnam's trade turnover approached $440 billion, with exports amounting to $226.98 billion and imports reaching $212.9 billion, reflecting year-on-year increases of 15.7% and 18.5%, respectively.

In regard to the export value, the domestic sector contributed 27.8%, while the foreign-invested sector, including crude oil, made up 72.2%. 

Whereas in terms of import revenue, the domestic sector accounted for $78 billion, a 21.5% increase, and the foreign-invested sector rose by 16.9% to $134.9 billion, VN Express reports.

In July alone, the trade value hit $69.72 billion, showing an 8.7% increase from the previous month and a 21.8% rise from the same period last year. Exports in July amounted to $35.92 billion, a 19.1% year-on-year increase, while imports grew by 24.7% to $33.8 billion. 

The US is Vietnam's top importer, with $66.1 billion in revenue, whereas China is Vietnam's leading exporter, accounting for $79.2 billion.

According to Le Quoc Phuong, former deputy director of the Vietnam Industry and Trade Information Centre, achieving the target of $377 billion in export revenues, which represents a 6% growth rate in 2024, is attainable, as Vietnamese businesses are well-prepared to capitalise on opportunities from free trade agreements (FTAs).

Moreover, Vietnam is among the world's leading exporters of various products, including rice, pepper, and garments, Le Quoc Phuong noted, highlighting the importance of continuously enhancing product quality to meet the demands of import markets.

Companies also need to diversify into other markets and expand into regions such as the Middle East, Africa, and South America to reduce the risks associated with relying on a single or a few markets, he added.