Vietnam’s exports surge 4.7 percent in four months

Vietnam's export value saw a year-on-year increase of 4.7 percent to an estimated $82.9 billion in the first four months of this year, according to the General Statistics Office (GSO).

Vietnam’s exports surge 4.7 percent in four months hinh anh 1

Cargo containers are loaded at My Thoi Port in the southern province of An Giang 

Domestic companies generated 26.4 billion USD from exports during the period, rising 12.1 percent year-on-year and making up 32 percent of the country's total export earnings. Meanwhile, exports of foreign-invested firms hit 56.49 billion USD, up 1.5 percent and making up 68 percent of the total.

Fifteen groups of products recorded an export value of over 1 billion USD or equivalent to 80.1 percent of the nation’s four-month total earnings. Of them, phones and parts earned the largest export turnover with 16.2 billion USD, up 1.1 percent year-on-year. Electronics, computers and components came next with 12.4 billion USD, up 28.6 percent year-on-year, followed by textiles and garment (8.9 billion USD, down 5.8 percent); machinery equipment and parts (6.9 billion USD, up 29.6 percent); and footwear (5.5 billion USD, up 1.3 percent).

From January to April, the US remained Vietnam's biggest export market, spending 20.3 billion USD on Vietnamese goods, a yearly hike of 13.4 percent. It was followed by China with 13.1 billion USD, up 26.7 percent; the EU with 10.7 billion USD, down 8.1 percent and ASEAN nations with 8.2 billion USD, down 3.4 percent, the GSO said in a monthly report.

Per the report, the country's imports expanded 2.1 percent year-on-year to an estimated 79.89 billion USD in the period. Domestic firms spent 33.58 billion USD on imports, up 1.1 percent year-on-year while foreign-invested companies saw a yearly turnover rise of 2.9 percent to 46.31 billion USD.

 

Electronics, computers and components accounted for 22 percent of the nation’s four-month imports at 17.8 billion USD, up 12.5 percent over the same period last year. Among others were machinery, equipment and parts at 11.5 billion USD, down 0.1 percent; telephones and parts (4.3 billion USD, up 12 percent); cloth (3.6 billion USD, down 10.9 percent); steel and iron (2.9 billion USD, down 6.4 percent); plastics (2.8 billion USD, down 1.4 percent) and plastic products (2.3 billion USD, up 14.6 percent).

China was Vietnam's largest supplier, selling 22.7 billion USD worth of goods to Vietnam, down 0.1 percent year-on-year. The Republic of Korea ranked second by shipping 15.5 billion USD worth of goods to Vietnam, up 2.5 percent year-on-year, followed by ASEAN countries with 9.9 billion USD, down 7.8 percent.

According to the GSO's report, Vietnam’s trade surplus narrowed to 3 billion USD in January-April./.VNA

 
 

Other News

.
Vietnam factory activity dips in July as Covid-19 impacts grow
Vietnam factory activity dips in July as Covid-19 impacts grow
BUSINESSicon  03/08/2020 

Despite a drop in output in July, firms remained confident in the 12-month outlook for production.

Summary of new points of amended Law on Investment 2020
Summary of new points of amended Law on Investment 2020
BUSINESSicon  03/08/2020 

After more than six years in effect, the Law on Investment has been officially amended with a number of new articles to improve the country’s appeal to higher-quality foreign investment flows.

Vietnam economic outlook remains positive despite Covid-19 resurgence: HSBC
Vietnam economic outlook remains positive despite Covid-19 resurgence: HSBC
BUSINESSicon  03/08/2020 

HSBC economists forecast GDP expansion of 3% in 2020 for Vietnam, the only ASEAN country they expect to have positive growth this year.

Vietnamese startups bag millions of US dollars despite COVID-19 pandemic
Vietnamese startups bag millions of US dollars despite COVID-19 pandemic
BUSINESSicon  03/08/2020 

A slew of Vietnamese startups managed to secure millions of US dollars even in the midst of the rapidly escalating COVID-19 pandemic.

Capital inflows to Southeast Asian startups up 91 percent despite outbreak
Capital inflows to Southeast Asian startups up 91 percent despite outbreak
BUSINESSicon  03/08/2020 

Southeast Asian startups, especially e-commerce and fintech companies, have witnessed a significant increase in investment between April and June.

Sky-high livestock prices may breach competition law
Sky-high livestock prices may breach competition law
BUSINESSicon  03/08/2020 

Although many livestock companies could face an inspection to ensure they follow through on commitments to cut their prices, the market outlook still looks dreary in spite of the government’s call to stabilise the selling cost of live pigs.

Aligning with trade remedy principles
Aligning with trade remedy principles
BUSINESSicon  03/08/2020 

The EU-Vietnam Free Agreement (EVFTA) is a giant leap for Vietnam in international integration.

Electricity of Vietnam suggests not to extend deadline for wind farm FiT
Electricity of Vietnam suggests not to extend deadline for wind farm FiT
BUSINESSicon  03/08/2020 

In order to ensure transparency and stability in the selling price of wind power, EVN opposes the Ministry of Industry and Trade's proposal to extend the deadline on the current feed-in tariff (FiT) scheme for wind power projects

Ministry seeks to further open petroleum retail market
Ministry seeks to further open petroleum retail market
BUSINESSicon  03/08/2020 

The Ministry of Industry and Trade has called for allowing all foreign investors to further participate in the petroleum retail market.

Shares to correct on worries of virus surge
Shares to correct on worries of virus surge
BUSINESSicon  03/08/2020 

 Vietnamese shares may continue to fall this week as a spike in fresh coronavirus cases fuelled concerns that the path to economic recovery could be hindered.

Vietnam fulfills international commitments as EVFTA takes effect
Vietnam fulfills international commitments as EVFTA takes effect
BUSINESSicon  03/08/2020 

Vietnam will continue to fulfill its international commitments so that it can take full advantage of the EU-Vietnam Free Trade Agreement (EVFTA) and recover its economy amid a resurgence of COVID-19 pandemic.

Vietjet reports loss of over VND2.1 trillion for H1
Vietjet reports loss of over VND2.1 trillion for H1
BUSINESSicon  03/08/2020 

Vietjet Aviation Joint Stock Company has reported a loss of over VND2.11 trillion (approx. US$90.5 million) in air transportation business in the first half of this year.

F&B firms prepare for possible second round of social distancing
F&B firms prepare for possible second round of social distancing
BUSINESSicon  03/08/2020 

Though local F&B businesses don't want social distancing to return in August, the experiences they had in April are helping them prepare.

Vietnam Airlines, ACV suffer heavy losses due to COVID-19
Vietnam Airlines, ACV suffer heavy losses due to COVID-19
BUSINESSicon  03/08/2020 

The COVID-19 pandemic has severely dragged down revenues of the Vietnam Airlines Corporation (Vietnam Airlines) and the Airports Corporation of Vietnam (ACV) in the second quarter of this year.

Economic growth projected to reach about 7 percent in 2021
Economic growth projected to reach about 7 percent in 2021
BUSINESSicon  03/08/2020 

Prime Minister Nguyen Xuan Phuc has issued a directive on the building of plans for socio-economic development and State budget estimate for 2021, with a target of about 7 percent of economic growth for the year.

Enterprises in industrial parks urged to use hi-tech equipment
Enterprises in industrial parks urged to use hi-tech equipment
BUSINESSicon  03/08/2020 

 Enterprises in export processing zones (EPZs) and industrial parks (IPs) should use high technologies to better manage manufacturing processes and improve product quality.

Vietnam emerges as popular industrial property destination: CBRE
Vietnam emerges as popular industrial property destination: CBRE
BUSINESSicon  03/08/2020 

Vietnam has emerged as a popular destination for industrial property projects as increased labour costs, trade disputes and COVID-19 prompt global manufacturers to vary their supply chains throughout Asia, according to CBRE.

Condotel market faces gloomy prospects
Condotel market faces gloomy prospects
BUSINESSicon  02/08/2020 

 The condotel market has faced a gloomy period due to low absorption rate while inventory has been on the rise, experts said.

Ministry of Construction eyes building low-cost housing
Ministry of Construction eyes building low-cost housing
BUSINESSicon  03/08/2020 

 The Ministry of Construction (MoC) is completing a draft resolution to encourage the development of low-cost commercial apartments to submit to the Government in the third quarter of this year.

Businesses in Hanoi’s Old Quarter shutdown amid COVID-19 fears
Businesses in Hanoi’s Old Quarter shutdown amid COVID-19 fears
BUSINESSicon  02/08/2020 

The Hanoi People's Committee has moved to require all shops throughout Hanoi’s Old Quarter to close as of midnight on August 1 due to fears regarding recent developments relating to COVID-19 epidemic.

 
 
 
Leave your comment on an article

OR QUICK LOGIN