Vietnam reports trade surplus of about $1.6 billion in H1

Vietnam gained a trade surplus of $1.59 billion in the first half of this year, according to the latest statistics from the General Department of Customs.

Vietnam reports trade surplus of about $1.6 billion in H1
Rice is packaged for export at a factory in Thot Not district, Can Tho city

During the six months of the year, Vietnam’s total export value reached 122.53 billion USD, a year on year increase of 7.2 percent.

The growth in export value in the first six months was mainly due to development of exports in the processing and manufacturing sector that had an export value of 102.2 billion USD, up 9.1 percent over the same period of 2018.

The good performance in the second half of June was behind the trade surplus, according to the general department.

The export value in the period from June 16-30 reached 11.23 billion USD, up 10.4 percent compared to the first 15 days of June. The goods with strong growth in export value included telephones and components, computers, electronic products and components, textile, steel, machinery, equipment, tools and spare parts, the Cong thuong (Industry and Trade) newspaper reported.

However, the total export value at 122.53 billion USD in the first six months was lower than the target at 123.5 billion USD, according to the Ministry of Industry and Trade (MoIT).

Thus, to achieve the target of 263 billion USD in total export value this year, the nation needs to gain an average of 23.4 billion USD in monthly export value in the second half of the year.

This is a very difficult task because the global economy that is declining at present will not be a favourable environment for Vietnam to accelerate exports in the remaining months of 2019. The last time that Vietnam gained 23 billion USD in export value a month was August 2018.

 

The ministry expects by year end, many industries of Vietnam will continue to replace Chinese goods exported to the US market due to the US-China trade war that has not shown signs of cooling down.

Exports of many commodities such as textiles, wood and wood products will accelerate in the second half of the year due to high demand for those goods during the year-end holidays. This is a good opportunity for Vietnam to continue promoting its exports.

At present, Vietnam has signed 12 free trade agreements (FTAs), including the Vietnam-European Union Free Trade Agreement (EVFTA), which is expected to help Vietnam expand export markets for local products in the future.

The ministry also said local enterprises should pay attention to origin of goods while the State agencies should focus on controlling export goods on this issue. That would help local export products take full advantage of tariffs from FTAs.

With efforts in expanding markets and implementing trade promotion programmes from the Government, ministries and business community, the ministry expects the nation could achieve the target in total export value for this year. – VNS

Vietnam remains sanguine about prospects for trade in second half

Vietnam remains sanguine about prospects for trade in second half

Domestic businesses should stay alert and be proactive in finding new advantages while improving their competitiveness in order to seize opportunities to boost exports in the remaining months of the year amid the escalating US-China trade tensions.

Trade deficit is still within control: economists

Trade deficit is still within control: economists

“Unlike two years ago, many analysts have warned that Vietnam will m witness a trade deficit. However, I believe the trade deficit will still be within control,’ said Vo Tri Thanh, a respected economist.

 
 

Other News

.
Chubb Life Vietnam honored “Best Companies to Work for in Asia 2020”
Chubb Life Vietnam honored “Best Companies to Work for in Asia 2020”
BUSINESSicon  03/07/2020 

Chubb Life Vietnam has been recognized as one of the “Best Companies to Work for in Asia 2020” by HR Asia, the continent’s leading publication for Human Resources professionals.

Predatory debt collectors hustling on borrowed time
Predatory debt collectors hustling on borrowed time
BUSINESSicon  02/07/2020 

Debt-collecting businesses are to be banned in Vietnam as part of local government action to protect customers’ rights, with the upsurge of predatory lending services triggering heated debate and eroding public trust.

RCEP benefits on horizon for ASEAN
RCEP benefits on horizon for ASEAN
FEATUREicon  02/07/2020 

With the Regional Comprehensive Economic Partnership scheduled to be signed this November, doors will soon open to attract more investment and swell Vietnam’s trade with international partners.

An abundance of advantages to diversify ops into Vietnam
An abundance of advantages to diversify ops into Vietnam
BUSINESSicon  02/07/2020 

Amidst the new wave of foreign investment and relocation after the pandemic, director general of the Foreign Investment Agency Do Nhat Hoang explained Vietnam’s outstanding advantages and how it can seize arising opportunities.

Vietnam closes in on tech app tax avoiders
Vietnam closes in on tech app tax avoiders
BUSINESSicon  02/07/2020 

Apple and Google are once again under fire over tax avoidance in Vietnam, with none of their revenues from their app markets being retained in the country. However, a new law could soon enable local authorities to take their cut.

Drugmakers fight to attain approval
Drugmakers fight to attain approval
BUSINESSicon  02/07/2020 

Switzerland’s drug maker Novartis Pharma Services AG has announced a GMP qualification for Lek Pharmaceuticals d.d. within the scope of certification for medicines in Vietnam,

PouYuen lays off thousands  due to Covid-19 difficulties
PouYuen lays off thousands due to Covid-19 difficulties
BUSINESSicon  02/07/2020 

More than 6,000 workers of the Taiwanese company, PouYuen, in HCM City have been laid off due to the company's business difficulties during the Covid-19 pandemic.

Fitch Solutions revises up Viet Nam’s 2020 GDP growth
Fitch Solutions revises up Viet Nam’s 2020 GDP growth
BUSINESSicon  02/07/2020 

Fitch Solutions have revised up its 2020 real GDP growth forecast for Viet Nam slightly to 3.0 per cent, from 2.8 per cent previously.

Zalo Bank not licensed by SBV and MoIT
Zalo Bank not licensed by SBV and MoIT
BUSINESSicon  02/07/2020 

The State Bank of Vietnam (SBV) and the Ministry of Industry and Trade have affirmed that they have not licensed Zalo Bank to provide online built-in financial services.

EVFTA to come into effect in a month
EVFTA to come into effect in a month
BUSINESSicon  02/07/2020 

The EVFTA will abolish 65 per cent of the duties on EU exports to its developing partner, with the remainder phased out over a 10-year period.

Footwear sector to improve supply chain to take advantage of EVFTA
Footwear sector to improve supply chain to take advantage of EVFTA
BUSINESSicon  02/07/2020 

Vietnam’s leather and footwear industry should improve its supply chain performance to take advantage of the milestone trade deal that Vietnam has signed with the EU and to recover from the effects of the COVID-19 crisis, 

World Bank Vietnam has new head
World Bank Vietnam has new head
BUSINESSicon  02/07/2020 

From July 1, Ms. Carolyn Turk will work at the World Bank (WB) Hanoi office as its country director in Vietnam, according to the office.

China maintains position as Vietnam's largest import market
China maintains position as Vietnam's largest import market
VIDEOicon  02/07/2020 

Despite the first half of the year seeing Vietnamese export turnover to China only reaching a mere US$34.8 billion, China retained its place as the country’s largest import market, according to the General Statistics Office.

VN's rice exports bounce back after one-month interruption
VN's rice exports bounce back after one-month interruption
BUSINESSicon  03/07/2020 

While exports of many products have plunged because of Covid-19, rice exports are growing, with prices of some products reaching an 8-year high.

Will demand for corporate bonds become weaker because of a new law?
Will demand for corporate bonds become weaker because of a new law?
BUSINESSicon  02/07/2020 

Under the amended Enterprise Law ratified by the National Assembly on June 17, nonprofessional investors are prohibited from trading corporate bonds issued in private offerings from January 1, 2021.

Retail industry to face being "swallowed" once EVFTA comes into force
Retail industry to face being "swallowed" once EVFTA comes into force
BUSINESSicon  02/07/2020 

With the implementation of the EU-Vietnam Free Trade Agreement looming, besides providing opportunities, the Vietnamese retail market is anticipated to face numerous challenges, 

Vietnam sees greater budget transparency
Vietnam sees greater budget transparency
BUSINESSicon  01/07/2020 

Vietnam’s Open Budget Index (OBI) increased rapidly in 2019 compared to 2018, according to a survey released on July 1.

Vietnam to create “Miracle on the Red River” with implementation of Doi Moi 4.0
Vietnam to create “Miracle on the Red River” with implementation of Doi Moi 4.0
BUSINESSicon  01/07/2020 

The Vietnamese Government has made bold and reasonable decisions to fight against the COVID-19 pandemic and be proactive with comprehensive initiatives for economic recovery.

Administrative reforms would help unlock EVFTA's potential: EuroCham
Administrative reforms would help unlock EVFTA's potential: EuroCham
BUSINESSicon  01/07/2020 

 Administrative procedure reform is the key to unlocking the full potential of the Europe-Viet Nam Free Trade Agreement (EVFTA), said participants at a conference on Tuesday.

Nation’s economic forecast leads way
Nation’s economic forecast leads way
BUSINESSicon  01/07/2020 

With its success in fighting COVID-19, Vietnam has continued to be the best performer in Southeast Asia, laying a firm foundation for the country to attract more investment and spur on production.

 
 
 
Leave your comment on an article

OR QUICK LOGIN