Vietnam-Thailand trade is likely to hit US$20 billion in 2020, but the target to keep the trade value in balance may not be met with Vietnam currently running huge trade deficit with the neighbouring country.
The import and export revenue of Vietnam in the first seven months of the year surpassed that of the full year for 2013, according to the General Department of Vietnam Customs.
Vietnam’s economy has the highest ratio of exports against the gross domestic product (GDP) in the world.
Analysts have advised wooden furniture manufacturers to focus on developing certified woodwork with clear origin and to diversify import sources.
Vietnam’s central bank has to engage in a delicate balancing act as the US-China trade war exerts inflationary pressures on the dong.
Reform of administrative procedures to facilitate origin certification granting, customs procedures and related process is recommended by experts in order to increase export to China, a potential market with considerable risks.
Wooden furniture manufacturers have been warned that they will face more trade barriers as export markets have applied new policies to restrict imports.
VOV.VN - The Vietnamese plastics industry is heavily dependent on material imports at fluctuated prices.
Vietnam has witnessed continued growth in its trade deficit with the Republic of Korea (RoK), due to the latter boosting its investment and exports to the former in a bid to cash in on tax cuts under trade pacts.
Vietnam’s export growth in 2018 is hoped to be 8-10% higher than in 2017, according to a plan set by the National Assembly and the Government.
VOV.VN - China has become Vietnam’s biggest export market after the country’s total export turnover to China in January surged to US$3.708 billion, a 106% rise or US$1.912 billion over the same period last year, according to the General Department of Vietnam Customs.
VOV.VN - The value of trade between Vietnam and the Southeast Asia region increased 18.8% to US$49.4 billion last year, of which exports accounted for US$21.7 billion (up 10.4%) and imports US$27.7 billion, up 14.9% on the previous year.
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.