Vietnam gains $6.5 billion trade surplus in 7 months

Vietnam achieved a trade surplus of $6.5 billion in the first seven months of this year, including $1 billion in July, according to the General Statistics Office (GSO).

Vietnam gains $6.5 billion trade surplus in 7 months

Customs clearance of import goods at the Kim Thanh border gate in Lao Cai province. In the first seven months, the national import value was estimated at 139.33 billion USD. — (Photo: haiquanonline.vn)

The foreign-invested sector, including crude oil, recorded a trade surplus of 17.6 billion USD, the office said. However, the domestic economic sector had a trade deficit of 11.1 billion USD.

The office also noted that in the first seven months, the export value was estimated at 145.79 billion USD, up 0.2 percent over the same period last year.

Of which, the domestic economic sector continued to be the highlight with export value at 50.76 billion USD, up 13.5 percent while the foreign-invested sector reached 95.03 billion USD, accounting for 65.2 percent of total export value, down 5.7 percent year on year.

In July, the total export value was estimated at 23 billion USD, up 1.9 percent compared to last month. Of which, 8.5 billion USD was from the domestic economic sector, up 2.6 percent month-on-month and 14.5 billion USD from the foreign-invested sector, up 1.5 percent.

During the first seven months, 23 goods saw an export value of over 1 billion USD. Of which, the group of phones and components had the highest export value with 25.7 billion USD, but it fell by 6.6 percent over the same period last year.

The group of electronics, computers, and components followed with 23.1 billion USD, up 24.3 percent, tagged along by textiles and garments with 16.2 billion USD, down 12.1 percent.
The group of machinery, equipment, and spare parts had an export value of 12.4 billion USD, up 27.1 percent, and footwear with 9.5 billion USD, down 7.9 percent.

Exports of most agricultural products decreased compared to the same period last year, including fruit, vegetables, coffee, cashew, rubber and pepper. Only rice products gained a growth of 10.9 percent in export value to 1.9 billion USD.

The US was Vietnam’s largest export market in the first seven months of this year with a value of 37.9 billion USD, up 15 percent year on year. Other large export markets included China, EU, ASEAN, Japan and the Republic of Korea.

Meanwhile, China was Vietnam’s largest import market with an estimated value of 41.6 billion USD, down 1.8 percent year on year.

In the first seven months, the national import value was estimated at 139.33 billion USD, down by 2.9 percent compared to the same period last year. The import value was 61.86 billion USD from the domestic economic sector, up by 1.5 percent and 77.47 billion USD from the foreign-invested sector, down by 6.2 percent.

 

The Import-Export Department under the Ministry of Industry and Trade said Vietnam’s import and export of goods is expected to be better in the second half of this year because many countries have started easing disease control measures and opening markets to accelerate economic recovery.

In the second half of this year, the department expects the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) to create more export opportunities for Vietnam to the world's second largest market with a population of over 508 million people and a 18-trillion-USD GDP.

However, the department also said that Vietnam’s trade activities would continue to face unpredictable factors because the disease is not controlled completely. Therefore, the country would face difficulties in achieving growth in export value as in previous years.

Next year, the national export value is forecasted to depend on the control of the pandemic and re-opening of the world economy, according to the Import and Export Department.

The Ministry of Industry and Trade would continue to implement measures to remove difficulties and boost production and export, it said.

The ministry has proposed to the Government many solutions not only to remove difficulties for trade and export but also to maintain efficient production, reported chinhphu.vn.

Of which, the ministry has put into operation a website on the EVFTA at http://evfta.moit.gov.vn/ to help individuals and businesses study issues relating to the EVFTA including an overview of the deal, this FTA's commitments in key areas such as goods, services – investment and useful information for exporters.

In addition, the ministry has applied information technology to reform administrative procedures boosting exports.

At present, there are six online administrative procedures in the import and export fields to connect to the National Single Window system while 11 other administrative procedures are carried out entirely online at level 4./. VNA

ASEAN membership fuels Vietnam’s trade with regional markets

ASEAN membership fuels Vietnam’s trade with regional markets

Vietnam’s participation in ASEAN 25 years ago has helped the country enjoy strong growth in trade with other member nations.

First protocol amending ASEAN Trade in Goods Agreement approved

First protocol amending ASEAN Trade in Goods Agreement approved

The Government has issued a resolution approving the first protocol that amends the ASEAN Trade in Goods Agreement (ATIGA).  

 
 

Other News

.
Vietnam's energy sector a magnet for foreign investors
Vietnam's energy sector a magnet for foreign investors
BUSINESSicon  11/09/2020 

National electricity demand is expected to increase by 8.5 per cent a year until 2025 and 7 per cent until 2030, making Vietnam an attractive market for foreign energy investors.

Auto industry steers strategy towards wider supply chains
Auto industry steers strategy towards wider supply chains
BUSINESSicon  11/09/2020 

Vietnam’s automobile industry is transforming drastically but it still lacks scenarios to join the global supply chains after the COVID-19 pandemic.

Versatility letting retail grow anew
Versatility letting retail grow anew
BUSINESSicon  10/09/2020 

The local retail sector is set to maintain its encouraging growth towards the end of the year, with new drivers coming online.

Anxious carmakers hoping losses remain in rear mirror
Anxious carmakers hoping losses remain in rear mirror
BUSINESSicon  10/09/2020 

Despite efforts in converting part of their facilities to produce ventilators and face masks for fighting the coronavirus pandemic, global carmakers are still reporting losses 

Vietnam's current account forecast at 3.7% in 2020
Vietnam's current account forecast at 3.7% in 2020
BUSINESSicon  10/09/2020 

Vietnam’s current account surplus could narrow to 3.7 per cent in 2020 from 4.9 per cent last year due to the impacts of the COVID-19 pandemic, according to Fitch Solutions.

Trade plummets at HCM City’s wholesale markets after second COVID-19 outbreak
Trade plummets at HCM City’s wholesale markets after second COVID-19 outbreak
BUSINESSicon  10/09/2020 

Wholesale markets in HCM City are facing a serious crisis due to the second COVID-19 outbreak. 

Fruit exports to China fall, but are offset by more exports to Thailand
Fruit exports to China fall, but are offset by more exports to Thailand
BUSINESSicon  10/09/2020 

China has reduced fruit imports, but Thailand has been buying more from Vietnam.

Probus Opportunities & Digi Ventures invest in Vietmoney
Probus Opportunities & Digi Ventures invest in Vietmoney
BUSINESSicon  10/09/2020 

Vietnamese pawn chain operator Vietmoney has closed its series A funding round with Probus Opportunities (Probus) and Digi Ventures (DV). Probus and DV will hold a combined 30% stake in Vietmoney and both shall join the Board of Directors.

Vietnam’s forex reserve sets new record
Vietnam’s forex reserve sets new record
BUSINESSicon  09/09/2020 

Vietnam’s foreign exchange reserve has hit a new record high of 92 billion USD, a significant expansion from 84 billion USD which Governor of the State Bank of Vietnam Le Minh Hung revealed in April.

Local ETFs draw foreign attention
Local ETFs draw foreign attention
BUSINESSicon  09/09/2020 

The domestic exchange-traded fund VFMVN Diamond (HoSE: FUEVFVNĐ) on Tuesday issued an additional 300,000 certificates to raise the total amount of certificates to 148.3 million.

Vietnam urged to improve infrastructure to attract more FDI
Vietnam urged to improve infrastructure to attract more FDI
BUSINESSicon  09/09/2020 

Vietnam needed to improve its infrastructure in order to attract more FDI, a webinar heard on Monday.

Da Nang calls for $2 billion investment in 2021-25
Da Nang calls for $2 billion investment in 2021-25
BUSINESSicon  09/09/2020 

Da Nang has called for total investment of VND47.5 trillion (US$2 billion) from the State Budget and foreign sources for the development of 38 projects between 2021-25, focusing on transport and traffic.

Vietnam needs US$8-10 billion for electricity investment annually
Vietnam needs US$8-10 billion for electricity investment annually
BUSINESSicon  08/09/2020 

Given the increasing demand for electricity, Vietnam needs US$8-10 billion for electricity investment annually, Minister of Industry and Trade Tran Tuan Anh said at a meeting on Monday, September 7.

Real estate firms offer sky-high profit rates to attract investors
Real estate firms offer sky-high profit rates to attract investors
BUSINESSicon  10/09/2020 

Investors have been invited to contribute capital to real estate projects and enjoy a profit of 36 percent per annum, and have also been persuaded to buy corporate bonds at a high interest rate of 18 percent per annum.

Investors still pouring money into corporate bonds, despite warnings
Investors still pouring money into corporate bonds, despite warnings
BUSINESSicon  09/09/2020 

Investors are still preferring corporate bonds to bank deposits, and are withdrawing money from banks to buy corporate bonds to enjoy higher interest rates.

Thu Duc City set to be new growth pole for HCM City
Thu Duc City set to be new growth pole for HCM City
BUSINESSicon  09/09/2020 

Like Gangnam south of the Han River in Seoul and Pudong east of the Huangpu River in Shanghai, Thu Duc City is expected to become a new growth area for HCM City.

Nam Dinh-based Rang Dong Textile Industrial Park sign land lease contracts with foreign firms
Nam Dinh-based Rang Dong Textile Industrial Park sign land lease contracts with foreign firms
BUSINESSicon  08/09/2020 

The signing ceremony of a land lease contract and land delivery for factory construction between Cat Tuong Real Estate Group, Top Textile Co., Ltd and Jehong Textile Viet Nam Co, Ltd took place on September 4.

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 10
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 10
BUSINESSicon  10/09/2020 

 Digital expo offers VN firms opportunity to introduce fruits, vegetables to EU

There are many talented Vietnamese, but they have not become the country's resources
There are many talented Vietnamese, but they have not become the country's resources
FEATUREicon  11/09/2020 

Where are the talents now? Are they abroad? Many talented people only work as experts and researchers, and their capabilities are not maximized, Minister Nguyen Chi Dung has said.

Ministry proposes overhaul of investment framework for power projects
Ministry proposes overhaul of investment framework for power projects
BUSINESSicon  08/09/2020 

The National Assembly's economic committee held a hearing on the development of Vietnam's energy sector until 2030 yesterday.

 
 
 
Leave your comment on an article

OR QUICK LOGIN