According to GSO, the trade balance in February continued to show a surplus, reaching US$900mn, the highest level ever and the ninth month of surplus in a row. Total exports declined 35% MoM to only US$7.5bn, but total imports fell a faster 38.3% MoM to US$6.6bn. We need to point out that the numbers are quite skewed because of the timing difference of Tet in 2012 and 2013.