Business
Vietnam gains trade surplus of over $1 billion by Oct 15
Vietnam had a trade surplus of over US$1 billion by October 15 thanks to a rise in export value of many key staples, according to the General Department of Customs.
The department reported that total trade revenue from January to October 15 rose 20.9 percent year-on-year to over $325.41 billion. Of the total, exports made up $163.25 billion, up 20.2 percent against the same period last year.
Among the export staples, ten items, which had the highest export value, contributed a total of nearly $118 billion.
The period saw four items with export revenue exceeding $10 billion each. They are telephone and accessories with $34 billion (up $7.1 billion year-on-year); textiles and garments with $20.2 billion (up $1.5 billion); computers, electronic products and components with $19.6 billion (up $5.6 billion); shoes $11.1 billion (up $1.3 billion).
From January to October 15, the country spent over $162.16 billion for imports, up 21.7 percent over the same period of 2016. Total import value of ten largest items reached $106.4 billion. Three items, which had import value exceeding $10 billion each, are computer, electronic products and components with $28.7 billion (up $7.2 billion); machinery, equipment and spare parts with $26.6 billion (up $5.1 billion); telephone and accessories with $11.7 billion (up $3.7 billion).
Foreign direct investment (FDI) firms reported an export revenue of over $215.88 billion, an increase of 24.4 percent compared to the same period of 2016. The firms accounted for 66.3 percent of the country’s total import-export turnover.
FDI firms had a trade surplus of over $1.6 billion in the second half of October, bringing their total surplus from January to October 15 to more than $15.55 billion.
Experts forecast with the monthly import and export value reaching over $30 billion as currently, Vietnam’s trade turnover in 2017 is well on track to hit $400 billion for the first time. The value is nearly $50 billion higher than last year.
Deputy head of the Ministry of Industry and Trade’s Import-Export Department Tran Thanh Hai said that Vietnam has experienced stable export growth in the processing industry, including computer and computer components, telephones and their components, transportation means, furniture and footwear.
“These products are expected to maintain a high growth rate towards the year-end,” he said.
Besides, he said, agriculture and aquatic products, including shrimp and fish, are likely to maintain steady growth as they have done in previous years.
“Rice exports will increase further by the year-end after many years of decline because of pricing and other market difficulties. There has been a recovery since early this year, and this is set to continue,” Hai said, adding that fruits and vegetables will also see stable export growth towards the end of the year.
Among the export staples, ten items, which had the highest export value, contributed a total of nearly $118 billion.
Electronic products and components contributed $19.6 billion to the country’s total export turnover in January-October 15, up $5.6 billion year-on-year.
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From January to October 15, the country spent over $162.16 billion for imports, up 21.7 percent over the same period of 2016. Total import value of ten largest items reached $106.4 billion. Three items, which had import value exceeding $10 billion each, are computer, electronic products and components with $28.7 billion (up $7.2 billion); machinery, equipment and spare parts with $26.6 billion (up $5.1 billion); telephone and accessories with $11.7 billion (up $3.7 billion).
Foreign direct investment (FDI) firms reported an export revenue of over $215.88 billion, an increase of 24.4 percent compared to the same period of 2016. The firms accounted for 66.3 percent of the country’s total import-export turnover.
FDI firms had a trade surplus of over $1.6 billion in the second half of October, bringing their total surplus from January to October 15 to more than $15.55 billion.
Experts forecast with the monthly import and export value reaching over $30 billion as currently, Vietnam’s trade turnover in 2017 is well on track to hit $400 billion for the first time. The value is nearly $50 billion higher than last year.
Deputy head of the Ministry of Industry and Trade’s Import-Export Department Tran Thanh Hai said that Vietnam has experienced stable export growth in the processing industry, including computer and computer components, telephones and their components, transportation means, furniture and footwear.
“These products are expected to maintain a high growth rate towards the year-end,” he said.
Besides, he said, agriculture and aquatic products, including shrimp and fish, are likely to maintain steady growth as they have done in previous years.
“Rice exports will increase further by the year-end after many years of decline because of pricing and other market difficulties. There has been a recovery since early this year, and this is set to continue,” Hai said, adding that fruits and vegetables will also see stable export growth towards the end of the year.
