Vietnam records $2 billion trade surplus in Oct

HANOI : Vietnam reported a trade surplus of $2 billion in October, narrowing from the previous month as imports grew at a faster rate than exports, government data showed on Wednesday.

The Southeast 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 said, while imports increased by 13.6 per cent.

For the January-October period, exports rose 14.9 per cent from a year earlier to $335.586 billion, while imports were up 16.8 per cent to $312.28 billion, the GSO said.

Industrial production rose by 7.0 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 per cent-7.0 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.