Vietnam enjoys a significant trade surplus with G7 countries
According to the data from the Department of Vietnam Customs, the total value of traded goods between Vietnam and G7 countries in 2017 was $113 billion, a 9.5% increase compared to 2016. Trade with the 7 countries accounted for more than 25% of Vietnam’s total trade.
- United Kingdom
- United States
When it comes to exports, Vietnam has shipped goods with total value of $79 billion in 2017, an extra $6 billion compared to the previous year. Exports to G7 countries amounted to more than 36% of Vietnam’s total exports.
On the other hand, Vietnam has imported goods and services worth $34 billion from the same group of countries, an increase of 12.3%. With such results, this leaves Vietnam with a significant trade surplus of $45 billion.
While the US and Japan are see as one of Vietnam’s main trade partners, the connection between Vietnam and Canada, the host of this year’s G7 summit, is not as significant. In 2017, the total trade value between the two countries reached $3.5 billion (as a comparison, trade between the US and Vietnam in January 2018 solely was $4.5 billion), a value that has the potential to increase in the years to come. For this reason, Vietnam’s Prime Minister has visited Canada for the Vietnam-Canada Business Roundtable, where he spoke on the ongoing economic reforms and investment opportunities in Vietnam.