return icon Vietnamnet.vn

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.

 

{keywords}

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.

MORE NEWS

VIETNAM BUSINESS NEWS MAY 26

Vietnamese economy to do well in 2022: experts

VIETNAM NEWS HEADLINES MAY 26

Two die in elevator accident at Hanoi building

Will Vietnamese "unicorn" Coin98 be listed on Coinbase?

If this turns out to be true, US investors will have easier access to Coin98. This would open a new development period for Vietnamese Blockchain startups.

VN jumps eight notches in WEF’s Travel & Tourism Development Index

Vietnam’s travel and tourism sector has jumped eight steps despite two years of slowdown caused by the pandemic, according to the World Economic Forum’s (WEF) latest study.

VN real estate bonds shackled by rules

Although experts believe that rating agencies are an indispensable element of a healthy and transparent market, and a significant fundraising channel, real estate developers may suffer hurdles due to stringent bond issuance rules.

Vietnam Int’l Fashion Tour helps promote national culture, tourism

The debut version of the Vietnam International Fashion Tour (VIFT) will get underway in 2022 and 2023 across five cities and provinces, with the aim of popularizing the country’s culture and tourism to the world, said organisers.

Foreigners’ joint ownership of seaports, airports in Khanh Hoa mustn’t be allowed

When discussing the draft resolution on special policies on a trial basis in Khanh Hoa province on May 24, many National Assembly deputies showed concern about the foreign ownership of seaports and airports.

Vietnam-Asia DX Summit 2022 opens in Hanoi

The Viet Nam-Asia Digital Transformation (DX) Summit 2022 opened in Ha Noi yesterday, where experts are examining ways to further utilise the...

Reaching growth target a challenge for this year: NA chair

National Assembly Chairman Vuong Dinh Hue yesterday day expressed his concern that this year’s growth target will be hard to reach.

Hai Phong tops Public Administration Reform Index for first time

Hai Phong and the Ministry of Justice topped the Public Administration Reform Index (PAR Index) of 2021, based on feedback collected from more than 79,000 people about administration reforms in 63 localities and 17 ministries in Vietnam.

Thai retail corporation to sell some 1,000 tonnes of lychees

Thailand's retail corporation Central Retail in Vietnam plans to put on shelves about 1,000 tonnes of lychee this year, with first batches of the fruit from Bac Giang province transported to its supermarkets after a ceremony on May 25.

Facebook ads in Vietnam to be charged 5 percent VAT from June 1

Facebook ads in Vietnam will be subject to a 5 percent value added tax (VAT) beginning from June 1.

Base.vn owner successfully calls for $3.5 million of capital

The investment in True Platform is one of the largest ever seed-round investment deals in a technology startup in Southeast Asia.

Hanoi to spend VND60 billion for civil servants to study for master’s, doctoral degrees

Under a project on improving the quality of its personnel, Hanoi plans to spend VND61 billion to send civil servants and public employees to training courses for master’s and doctoral degrees in Vietnam and overseas.

Japan helps Vietnam with earth observation satellite project

JICA has signed a loan agreement with the Vietnamese Government to provide a Japanese ODA loan worth over 18,870 million yen for the Disaster and Climate Change Countermeasure project using the earth observation satellite.
back_to_top