Vietnam’s balance of payments (BoP) posted a deficit of USD4.9bn in Q2 2022 and USD5.9bn in H1 2022 vs a surplus of USD4.9bn in H1 2021, according to the latest data from the State Bank of Vietnam (SBV). The BoP deficit in H1 2022 was mainly due a large negative errors & omissions line of USD9.0bn incurred in Q2 2022. 

The current account (CA) balance recorded a deficit of USD4.9bn in Q2 2022 and USD6.9bn in H1 2022 — roughly the same as H1 2021. The goods trade balance (free on board (FOB)) improved to a surplus of USD2.9bn in Q2 2022 vs a deficit of USD1.2bn in Q2 2021, driving the goods trade surplus (FOB) to USD7.6bn in H1 2022 vs USD4.1bn in H1 2021 thanks to a robust recovery in merchandise trade. However, services trade posted large deficits of USD3.7bn in Q2 2022 and USD8.0bn in H1 2022 due to limited international tourism while imports of services accelerated as a result of increasing international travel and transportation demand from Vietnam. Notably, net current transfers in Q2 2022 dropped to USD962mn (-USD1.0bn QoQ & -USD2.5bn YoY), lowering net current transfers in H1 2022 to USD2.9bn vs USD6.1bn in H1 2021 due to lower overseas remittance inflows and higher outflows of current transfers.

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