The country imported $19.3 billion worth of goods in the first month of this year, increased by 47.4 per cent over the same period last year. But the figure decreased by 3 per cent over the previous month.

The import value of the domestic economic sector reached $ 7.8 billion and that of the foreign direct investment (FDI) sector was $11.5 billion in the first month of the year.

In January, the country’s import value of telephones and spare parts; electronic products, computers, electronics and components; machines, equipment, tools and spare parts; and oil and gas increased.

Meanwhile, the import revenue of autos, milk and dairy products fell by 17.9 per cent and 6.2 per cent, respectively year – on - year.

China remained the largest import market of Vietnam with turnover of $ 5.7 billion, up by 45.6 per cent year - on - year. It was followed by the Republic of Korea, ASEAN, Japan, the EU and the US.

In January of this year, the export value also increased significantly by 33.1 per cent over the same month last year, and reached $ 19 billion. The figure, however, was 3.3 per cent lower than the export turnover of December 2017.

The domestic sector’s trade deficit reached $ 2.4 billion, while the FDI sector posed a trade surplus of $ 2.1 billion.

The GSO said that January saw a strong increase in imports and exports, compared to the same month last year, as the 2017 Tet holiday was in January.

This year, the Tet holiday is in February, so the country’s imports and exports in February were expected to see significant changes as compared to February 2017, said GSO.

In January, the exports of major export items increased. The exports of telephones and components hit $ 4.2 billion, up by 80.7 per cent, garments and textiles - $ 2.3 billion, up by 7.6 per cent; electronics, computers and components - $ 2.2 billion, up by 37.9 per cent; and footwear of all kinds - $ 1.3 billion, up by 11.5 per cent.

China surpassed the US to become the largest export market of Vietnam in January with revenue of $ 4.5 billion, 2.5 times higher than the same month in 2017.

The exports to the US totaled $ 3.5 billion, up by 17 per cent; EU markets - $ 3 billion, up by 6.6 per cent; ASEAN markets - $1.7 billion, up by 15.7 per cent; Japan - $ 1.5 billion, up by 18.6 per cent, and South Korea - $ 1.3 billion, up by 28 per cent.