Improving the quality of domestically-produced goods is critical for Vietnam to compete with imported products from and narrow the trade deficit with Thailand, according to the Ministry of Industry and Trade (MoIT).
Vietnam’s trade deficit was estimated to hit US$2.13 billion in the first eight months of 2017, according to the General Department of Vietnam Customs.
Prime Minister Nguyen Xuan Phuc has asked all ministries, departments and provinces to promote growth by easing the hurdles that businesses face and by helping cut down their bureaucratic expenses.
VOV.VN - At a recent forum in Hanoi, the country’s top economic experts gathered to exchange views on the goal of trade policy to reduce or eliminate the trade deficit with Thailand, reported the Vietnam Investment Review.
Economists have said that the increased trade deficit with the Republic of Korea (ROK) is not expected to lead to changes in Vietnam’s economic structure.
Imports from the Republic of Korea (ROK) have been increasing rapidly since the Vietnam-ROK FTA took effect in late 2015, as Vietnam’s largest trade deficit is now with the ROK, not China.
Vietnam’s trade deficit was estimated at US$3.08 billion in the first seven months of this year, US$380 million more than US$2.7 billion in the first half, according to the latest data released by the General Statistics Office (GSO).
Some experts have raised concerns over the Republic of Korea (ROK) surpassing China in trade deficit, to become Vietnam’s biggest import market, however, others claimed these worries unfounded and considered it normal as Vietnam is integrating into the world economy.
Indexes for 2017 second quarter reflected Vietnam’s increasing dependence on foreign direct investment (FDI), said the Vietnam Institute for Economic and Policy Research (VEPR) in its recent report on the performance of the economy in the quarter.
The capital city of Hanoi has carried out trade promotion plans targeting both traditional and new foreign markets in order to tackle its widening trade deficit, which exceeded the national average in the first five months of this year.
The Ministry of Industry and Trade (MoIT) plans to tighten control on goods whose imports are discouraged and facilitate local manufacturing to reduce the country’s trade deficit.
VOV.VN - US President Donald Trump has declared June 2017 to be National Ocean Month during a speech in which he promised to bolster global exports of his country’s seafood industry to rebalance trade.
Vietnam exported about US$79.3 billion worth of commodities in the first five months of 2017, an increase of 17.4% from the same period last year.
Vietnam posted a trade deficit of nearly US$2.7 billion this year to the end of May, equal to 1.7 percent of the country’s total export turnover.
The Republic of Korea has surpassed China, becoming Vietnam’s biggest import market.
Vietnam exported US$16.7 billion worth of goods in April, raising the total export turnover in four months to US$61.3 billion, a year-on-year increase of 15.4 percent, according to the General Statistics Office.
VOV.VN - In the first quarter of this year, imports from China jumped by 18.9% to nearly US$12.7 billion against the same period last year, making up 27.3% of the country’s total imports, according to preliminary statistics from the General Department of Vietnam Customs.
VOV.VN - The Vietnam trade deficit has been reported by the General Statistics Office (GSO) at US$1.9 billion in the first quarter of 2017.
Production and business results improved in the first two months of this year, but trade was unbalanced with strong growth in auto and mobile phone imports, the Ministry of Industry and Trade reported.
Vietnam reported trade deficit of US$1.2 billion in February, the General Statistics Office (GSO) announced on February 26.