Trade deficit remains under control

Ministry wants special tax on cell phonesBy Ngoc Lan - The Saigon Times DailyImport spending in April totals US$6.95 billion, up 3% month-on-month but increasing a staggering 23% from the year-earlier period, according to the General Statistics Office. Although export revenue this month shoots up 33% year-on-year to US$5.7 billion, trade deficit still rises substantially to US$1.25 billion compared to US$1.1 billion.As export revenue in the January-April period totals slightly over US$20.1 billion, import spending in the period surged to US$24.8 billion, rising 8.9% and 35.6%, respectively. The trade deficit in the first four months of the year, therefore, amounts…... [read more]

Vietnam has big trade deficits with China and KoreaQuoc Hung HCMC - Vietnam ran big trade deficits with China and South Korea but had large trade surpluses with the U.S. and the European Union (EU) in the first five months this year, according to the General Statistics Office (GSO). Vietnam’s January-May imports from China amounted to US$19.2 billion while its exports to the northern neighboring market totaled a mere US$7.6 billion, leaving a trade deficit of US$11.6 billion. Vietnam’s imports from Korea were US$12.1 billion, with the latter enjoying a trade surplus of US$7.8 billion. The U.S. remained the key…... [read more]

Ministry projects trade deficit next yearThe Saigon Times Daily HCMC – The Ministry of Industry and Trade said Vietnam could face a trade deficit of US$6 billion or higher next year, three years after the country has enjoyed a trade surplus. News site quoted Deputy Minister of Industry and Trade Do Thang Hai as saying that the trade surplus in the past years has mostly been contributed by foreign direct investment (FDI) firms while domestic enterprises have always run a trade deficit. However, things are changing as FDI enterprises’ growth of exports has declined year by year, from 31%…... [read more]

The Hanoitimes - In 2017, China is the largest trade partner of Vietnam, however, Vietnam’s biggest trade deficit is no longer with China but Korea. According to General Statistics Office of Vietnam, total trade value of Vietnam in December reached 39.1 billion USD. In which, export reached 19.3 billio USD, reducing 3.5% compared to last month, while import reached 19.8 billion USD, up 2.1%.    Korea is the second largest trading partner of Vietnam. With this result, trade value of Vietnam in 2017 reached 425 billion USD, in which export reached 213.77 billion USD, up 21% compared to the same…... [read more]

With active support from fiscal policy and the adjustment of domestic demand, Vietnam has initially overcome the impact of the global financial crisis. The country’s GDP growth has increased from 3.1 percent in the first quarter to 4.46 percent in the second quarter and 5.76 percent in the third.Together with China, India and Indonesia, Vietnam is one of few countries with positive GDP growth. The latest statistics on the GDP in the third quarter showed that the economy is on the way to recovery although exports have edged up slowly.Despite green shoots in Vietnam’s economy, there remain risks, which are different…... [read more]

Over the past nine months, Vietnam’s trade deficit has risen to US$8.6 billion, accounting for 16.7 percent of total export turnover.A Radio Voice of Vietnam (VOV) reporter interviewed Dr. Ho Duc Hung, Head of the Economic Development Research Institute at the Ho Chi Minh City University of Economics on the issue.Reporter: Many economic analysts have predicted that the import surplus is likely to rise by the end of this year. What has caused the rapidly increasing trade deficit in recent months?Mr Hung: Firstly, the Vietnamese economy is bouncing back from the global economic downturn and businesses’ demands for imports to…... [read more]

Mr Hoang emphasised this at an online conference held by the Ministry of Industry and Trade (MoIT) on March 8. Industrial sector rebounds with a sharp increase According to the MoIT, the domestic market was busy in February, with its industrial value reaching approximately VND114.1 trillion, up 13.6 percent over the same period last year. The State sector saw an increase of 8.1 percent, the non-State sector, 15.1 percent, and the foreign-invested sector, 15.4 percent.Most industrial products experienced increases, such as electricity (19 percent), coal (8.7 percent), gas (12.3 percent), cigarettes (13.3 percent), and beer (18.8 percent), thus helping to…... [read more]

NDO - Vietnam’s trade deficit in August was estimated at US$100 million while the shortfall in July was US$300 million. However in the first eight months of 2015, Vietnam ran a deficit of US$3.6 billion, equivalent to 3.4% of exports. What is of concern is that the economy continued to register a trade deficit with the value after eight months of the year surging by 44% compared with the same period last year. Meanwhile the foreign direct investment (FDI) sector recorded a trade surplus of US$9.4 billion, thanks to which, the economy’s aggregate deficit was not high enough to have…... [read more]

Strict control of imported goodsHow to put imported goods under strict control will be a key solution to keep the trade deficit at 20 percent. As planned, there will be a focus on petroleum, luxurious consumer goods and automobiles.Deputy Minister of Industry and Trade, Bui Xuan Khu has asked the Export-Import Department and the Domestic Market Department under the Ministry of Industry and Trade (MoIT), the Vietnam Oil and Gas Corporation (PetroVietnam), the Vietnam National Petroleum Corporation (Petrolimex) and 11 other petro outlets to help stimulate consumption of up to 800,000 tonnes of oil from the Dung Quat Oil Refinery,…... [read more]

Total import-export turnover between Viet Nam and APEC member economies reached US$265.3 billion in the first 10 months of this year, a year-on-year increase of 17.4 per cent and almost equal to last year’s turnover. China is currently Viet Nam’s largest trading partner in the group of APEC member economies, with two-way trade volume of $73.3 billion. — Photo baodauthau.vnThese statistics were revealed by the General Department of Viet Nam Customs.Exports reached $120.48 billion and imports reached $144.83 billion, up 23.9 per cent and 22 per cent, respectively, over the same period last year. These figures resulted in a deficit…... [read more]