return icon Vietnamnet.vn

Vietnam looking at $4 billion trade deficit in 2015

Vietnam could run up a US$4 billion trade deficit for the whole year after three consecutive years of a trade surplus, the Ministry of Industry and Trade (MOIT) said.

Vietnam could run up a US$4 billion trade deficit for the whole year after three consecutive years of a trade surplus, the Ministry of Industry and Trade (MOIT) said.


{keywords} 

A view of the Bach Ho oil field, which belongs to the Viet Nam-Russia Oil and Gas Joint Venture (Vietsovpetro) under the Viet Nam Oil and Gas Group. Falling exports of crude oi, following global oil price declines, made the country's export revenue decrease. Viet Nam could have a US$4 billion trade deficit for all of 2015.

 

The trade deficit would account for 2.4 per cent of total exports, much lower than the set target of five per cent set by the National Assembly early this year. It would also be lower than the ministry's previous forecast of $6 billion or between 3.3 per cent and 3.6 per cent of total exports.

Previously, the MOIT forecast that Viet Nam would earn between $164 billion and 164.5 billion from exports this year, an increase of between 9.3 per cent and 9.5 per cent against 2014. Import turnover was projected at $168 billion, up 13.5 per cent, compared to 2014.

From January to November, the domestic sector caused an $18.7 trade deficit, whereas foreign-invested firms helped the country run up a $14.9 trade surplus, according to the General Statistics Office (GSO).


Statistics from the ministry showed that in the first 11 months of the year, export revenues have totalled $148.71 billion, up 8.3 per cent over the same period last year. During the first 11 months, the country's import values totalled nearly $152.5 billion, an increase of 13.7 per cent over the same period last year, causing a $3.8 billion trade gap in general.

The ministry said the world goods market has been witnessing a downward trend due to decreasing demand. The trade data showed that Viet Nam's trade deficit has been mostly caused by Vietnamese firms, which had outperformed the foreign-owned sector in terms of export for many years.

Imports for FDI businesses increased 8 per cent to $62.3 billion while those of domestic companies shot up over twice the rate at 18.1 per cent to $90.2 billion, the GSO said.

The United States remained Viet Nam's largest export market with sales of $30.6 billion (up 17.6 per cent), followed in descending order of importance by the European Union, the Association of South East Asian Nations, China, and Japan, along with the Republic of Korea.

China was the biggest import market with an estimated value of $45.1 billion, up 14 per cent.

 

VNS

MORE NEWS

10-year-old translator brings scientific knowledge closer to young readers

Children’s history book series, Unstoppable Us, by best-selling author Yuval Noah Harari, has been translated from English into Vietnamese by a 10-year-old translator and published by Omega Plus.

Floods kill five in central region

Heavy downpours and floods in the central region in the past few days claimed the lives of five people as of 5pm on December 6.

VIETNAM BUSINESS NEWS DECEMBER 7

Vietnam spends nearly 190 million USD on importing pork in ten months

Vinfast faces challenges in North America

North America is a promising market, but it is not easy to be successful because there are many rivals there.

Festivities celebrate holiday season in HCM City

HCM City is preparing to launch a series of festivities to celebrate the New Year and Tet holidays (Lunar New Year).

Young driver offers thousands of free rides for poor patients

Dang Xuan Hieu, 24, has for four years given free trips to thousands of poor patients in Ha Giang Province.

Policies take effect in December 2022

Below are among new policies on import and export nomenclature, electricity generation price bracket, and licenses to manufacture tobacco products taking effect from December.

Finance Ministry to raise taxes on land and housing

Taxes on land and housing in Vietnam are far lower than those in other countries, exposing the need for higher tax rates to improve fiscal revenues.

Vietnam, RoK enter new chapter of cooperation

Vietnam and the Republic of Korea have entered a new chapter in their relationship as they upgraded to a comprehensive strategic partnership during President Nguyen Xuan Phuc's official visit to the country.

Free piano class for the elderly in HCM City

A piano class has been run free-of-charge for elderly people in Ho Chi Minh City for the past five years.

Business safety in the digital age

Vietnamese businesses are facing challenges related to cyber security and difficulties adapting to digital transformation.

Tax refunds worth trillions of VND

Tax bodies are working on problems related to VAT refunds in order to help businesses get money to invest in operations, following a dialogue held last week.

Legal loopholes exist for trading forbidden goods

Many students believe that e-cigarettes are not toxic, but are fragrant and stylish.

Quang Ninh to develop night-time economy, awaken tourism

On July 27, 2010, the Prime Minister signed a decision approving Vietnam’s night-time economy development plan.
back_to_top