return icon

Vietnam remains among major global production facilities

The nation continues to be "named" in the list of major global production facilities, with six-month export turnover reaching US$185.94 billion, marking a year-on-year rise of 17.3% and a trade surplus of more than US$ 700 million.
Vietnamese exports enjoy strong growth during the first half of this year.

Numerous export items see strong growth

Despite suffering the negative impacts of the COVID-19 pandemic, the Russia-Ukraine conflict that pushed the prices of raw materials and input fuels to unprecedented highs, difficult international freight transport, the nation's export activities enjoyed strong growth during the first half of this year.

According to data compiled by the General Statistics Office, the first half of the year saw export turnover reach US$185.94 billion, an increase of 17.3% compared to the same period from last year, while import turnover hit US$185.23 billion, up 15.5% on-year.

The balance of trade in goods recorded a trade surplus of roughly US$710 million, with 28 items with export turnover of over US$ 1 billion, accounting for 90.6% of the country's overall export turnover.

Major export sectors recorded positive growth, despite some times facing scarcity of input materials.

Truong Van Cam, vice chairman of the Vietnam Textile and Apparel Association (Vitas), said that during the reviewed period, Vietnam supplied textiles and fibers valued at US$22.3 billion globally, representing a year-on-year increase of 23%, while import turnover stood at US$13.44 billion and trade surplus hit US$8.86 billion.

The group of phones and components maintained export turnover of nearly US$28.6 billion, up 14.1% on year; computers and components reached US$27,064 billion, up 13%; machinery, equipment and other spare parts increased by 24.3% to US$ 21.3 billion; footwear reached US$12 billion , up 14.4% on year.

The group of farm produce also brought in nearly US$28 billion, up 13.9% over the same period in 2021, with a trade surplus of US$5.57 billion.

These figures show that Vietnam has become a large-scale and difficult-to-replace commodity supply address in the global market.

Vietnam continues to be one of the top countries in Southeast Asia for FDI attraction, especially in the manufacturing sector, according to HSBC.

The country has become a rising star in global supply chains, gaining a substantial global market share in many sectors including textiles, footwear, and consumer electronics, the bank noted in a report.

Research shows that new FDI has been flowing into the country since the 2010s, with the lion’s share focused on the manufacturing sector, consistently equivalent for 4-6% of GDP.

Much of the investment initially entered the low-value textile and footwear market. However,  the nation has climbed up the value chain, growing into a key manufacturing hub for electronics in the last two decades.

Earlier, regarding Vietnam's export prospects, the Asian Development Bank (ADB) emphasized that in 2022, the Asian region will witness a remarkable export recovery and Vietnam will continue to take advantage of opportunities to bolster exports.

Local businesses need to get more support

In 2021, Vietnam's exports reached US$336 billion, up 19% compared to 2020 and the export growth target set for 2022 stands at 8%.

To be able to fulfill the set plan,  Vietnamese businesses are currently in dire need of urgent support policies in order to create momentum for production from preferential capital flows, thereby having resources to invest in hoarding raw materials amid energy, raw material prices continuing to spike due to the pandemic and the Russia-Ukraine conflict.

In order to iron out snags caused by the "price storm" of raw materials and input fuels, businesses and business associations in the textile, garment, footwear, electronics, tourism industries simultaneously asked competent agencies to reduce the price of gasoline and raw materials, and logistics costs.

If gasoline prices remain too high for the time being, it will affect the prices of many raw materials and fuels that are input items for local businesses.

Source: VOV


Pharmaceutical firms show mixed performance

Six-month revenues of pharmaceutical firms paint a mixed picture of the industry in the first half.

Ship damages bridge over Saigon River

Binh Phuoc 1 Bridge connecting Thu Duc City and District 12 over the Saigon River was damaged after being hit by a ship traveling under the bridge.

Vietnam sees rise in Covid-19 infections and deaths

Vietnam has seen a recent rise in the number of Covid-19 infections and deaths due to the appearance of new Omicron sub-variants.

Phu Quoc halts scuba diving tours for coral protection

Underwater tourism activities that threaten coral reefs at Phu Quoc marine sanctuary have been suspended.

Vietnam, Poland capitalize on EVFTA preferences

The implementation of the Vietnam - EU Free Trade Agreement (EVFTA) has greatly contributed to raising two-way trade turnover between Vietnam and Poland to over US$1 billion since the beginning of the year.

Foreign trade hits more than US$30 bln in first half of August

The General Department of Vietnam Customs reported the total import-export value of Vietnam in the first half of August 2022 has hit more than US$30 billion.

Vietnam improves forecasting in face of natural disasters

Natural disasters are becoming more unpredictable and extreme due to climate change, causing more extensive damage to people and property.

Expert backs proposal to invest in refinery complex in Ba Ria-Vung Tau

A proposal by the Vietnam Oil and Gas Group (Petrovietnam) to invest in a petrochemical and refinery complex and national oil storage facility with total investment of nearly 19 billion USD in the southern province of Ba Ria-Vung Tau is a good idea.

Vietnam’s public debt decreases significantly

Vietnam’s public debt in the 2017-2021 period decreased dramatically from 61.4% of its GDP to 43.1%, according to the latest information released by the Ministry of Finance.

Get a taste of nature in northern national parks

National parks with abundant greenery and diverse flora and fauna act as lungs for many regions and provide a paradise for nature lovers.

Over US$34 billion set to pour into Vietnam’s real estate market this year

During the first seven months of 2022, over VND420 trillion (US$18 billion) was pumped into the real estate market. The figure could be raised to VND800 trillion ($34 billion) by the end of the year in case of favorable conditions.


Government offers support to additional 243,000 pandemic-hit labourers

Tourism businesses struggle to get cut-rate loans

Struggling tourism businesses in HCM City are in dire need of credit to recover but are finding it very difficult to access the subsidised loans under the Government’s Decree 31 that took effect in May, according to the city's Department of Tourism.


Ministry of Finance seeks to drop fuel price stabilization fund

Vietnam to tighten management, increase supervision to prevent tax loss

Nowadays online shopping becomes more popular than in-store shopping and more people have taken take full advantage of social networking platforms to put an ad on social network platforms about their products.