Vietnam is expected to record a trade surplus of US$30 billion this year, three times higher than that recorded last year, the Ministry of Industry and Trade said on Wednesday.

Exports in 2023 are expected to be worth US$354.5 billion, down 4.6 per cent annually, the ministry said in a report, adding that this year’s retail sails are expected to rise 9.6 per cent on the year.

This would be the eighth straight year Vietnam has recorded a trade surplus, the ministry said, adding that it has helped the country strengthen its foreign exchange reserves and stabilise its foreign exchange rate.

It attributed the fall in annual exports to weak global demand.

Tuoi Tre News