return icon

Samsung exports spur Vietnam’s foreign trade

Despite the impact of the coronavirus outbreak, Vietnam’s foreign trade in the first two months of the year picked up by 2.4% year-on-year to reach US$74 billion as Samsung boosted the exports of its new products.



Goods containers at a port in HCMC. Vietnam’s foreign trade in the first two months of the year picked up by 2.4% year-on-year to US$74 billion - PHOTO: VNA


According to the General Statistics Office, in the two-month period, Vietnam exported US$36.9 billion worth of products and spent US$37.1 billion on imports. Thus, the country ran a trade deficit of US$176 million in the period, the local media reported.

Major export earners were phones and phone parts, with export revenue of US$6.9 billion; computers, electronic products and accessories, US$5.4 billion; machines, equipment, tools and machine parts, US$3 billion; and footwear, US$2.7 billion.

Meanwhile, the export earnings from agricultural products fell significantly against the same period last year, with seafood dropping 17.7%; coffee, 9.8%; vegetables and fruits, 17.4%; cashew nuts, 19.3%; and pepper, 18.8%.

The United States remained the largest buyer of Vietnam’s products in the first two months, with export revenue hitting US$9.8 billion, up 19.6% year-on-year. The European Union came in second with US$5 billion, followed by China with US$4.8 billion and the ASEAN with US$3.5 billion.

Vietnam spent US$8.6 billion on computers, electronic products and accessories; US$5.3 billion on machines, equipment, tools and machine parts; and US$2.1 billion on phones and phone parts in the two-month period.

China was Vietnam’s largest exporter with turnover of US$10 billion, down a slight 0.4% over the year-ago period, followed by South Korea with US$8 billion, the ASEAN with US$4.5 billion and Japan with US$2.8 billion.

Although the country’s foreign trade in the first two months of this year was higher than that in the same period last year, it was much lower than the figure recorded in the last two months of last year. In November and December last year, Vietnam’s trade value reached nearly US$89 billion. SGT

Will phone exports bounce back as Samsung’s production in China slows?

Will phone exports bounce back as Samsung’s production in China slows?

Samsung is believed to have great advantages over its rivals as its production base is in Vietnam, not in China, where the Covid-2019 has forced a series of factories to close down.

Samsung builds US$220 million R&D centre in Vietnam

Samsung builds US$220 million R&D centre in Vietnam

Samsung Vietnam has announced the commencement of construction on a new 220 million USD research and development (R&D) centre in Vietnam, with completion scheduled for late 2022.


Da Nang aims to attract ultra-wealthy

A livable city is certainly worth visiting, but a place worth visiting doesn’t mean it is livable. Da Nang City is striving to become a livable city and a destination for the ultra-wealthy.

Fake news, malicious information spread mostly via Google, Facebook

Some foreign companies providing cross-border services to Vietnam are still not preventing malicious information on their platforms.

Ministry proposes cuts to VAT, luxury taxes to help lower petrol prices

The Ministry of Finance (MOF) has submitted to the Prime Minister a plan to reduce the luxury tax and VAT on petroleum products in an effort to curb prices.

'Hop on Hop off' with Tinder Explore this summer

For the first time, young Tinder users joined an iconic double-decker bus ride, “Tinder Explore - Match Your Vibe bus", to explore exciting dating spots in HCM City.

Five local destinations win Asia’s Best Awards

Five Vietnamese destinations were named among the Top 10 leading cities and islands in the Southeast Asian region, as announced by US magazine Travel + Leisure’s Asia’s Best Awards 2022.

Vietnam to export passion fruits to China from July 1

The General Administration of Customs (GAC) of China has just approved the pilot import of Vietnamese passion fruits from July 1, according to the Vietnam Sanitary and Phytosanitary Notification Authority and Enquiry Point (SPS Vietnam).

The Moffatts and 911 schedule Hanoi performance

Some of the world’s leading bands, including The Moffatts and 911, are set to play a concert at Yen So Park-Gamuda Land in Hoang Mai district of Hanoi on August 6.

Transfermarkt names Quang Hai as local player highest market value

Vietnamese midfielder Nguyen Quang Hai has been valued at Є400,000, equal to VND10 billion, and tops the list of Vietnamese footballers with the highest market value, according to renowned German football site Transfermarkt.

Toy figurine making in Xuan La village

Xuan La village in Hanoi’s Phu Xuyen district has long been famous for making To He, a traditional toy made of rice powder. This is the only village in Vietnam that makes the toy figurine

Vietnam opposes and demands Taiwan to cancel live-fire drills on Ba Binh island

Vietnam resolutely opposes and demands Taiwan to cancel live-fire drills in the waters around Ba Binh island belonging to Vietnam’s Truong Sa (Spratly) archipelago and not to repeat similar violations in the future.

Calligraphy book on poet Nguyen Dinh Chieu recognised as world record

WorldKings and Vietkings on July 1 recognised Collection of Nguyen Dinh Chieu’s Poems, a calligraphy book on poet Nguyen Dinh Chieu as the largest calligraphy book in Vietnamese of poet Chieu's poems in the world.

Hanoi market sees strong development in premium offices

Office real estate is thriving, with new Grade A buildings entering the Hanoi market at the end of the year, according to Savills Vietnam.

Vietnam's HDPE pellets not subject to safeguarding duties in Philippines

The Philippine Tariff Commission (TC) has announced the final conclusion on a safeguard investigation on High-Density Polyethylene (HDPE) pellets imported from many countries, including Vietnam.

NA deputy: drug bidding mechanism is unreasonable

Pham Khanh Phong Lan, a National Assembly from HCM City, said the problems in the healthcare sector have existed for a long time but became even clearer during Covid-19.

Vietnam looks forwards to stronger investment from US, Europe

Vietnam is hoping to attract more investment from the US, Europe and major global enterprises under a recently approved strategy on foreign investment cooperation.