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.
Vietnam ran a trade deficit of US$100 million in January, after enjoying a trade surplus of billions of dollars in 2016.
Vietnam’s steel imports increased 18.4% to a record high of 18.4 million tons last year, while its steel exports soared 36% to 3.5 million tons, customs data showed.
The Ministry of Industry and Trade has set four targets to help the country’s gross domestic product (GDP) expand by 6.7% in 2017, Minister Tran Tuan Anh said at a conference in Hanoi on January 6.
The task of cutting trade deficit with ASEAN is huge for Vietnam as it involves a wide range of efforts from reforming technology to improving product quality, according to trade officials.
Efforts to decrease the trade deficit with China is an important policy and one of the Ministry of Industry and Trade (MoIT)’s chief concerns, in addition to increasing exports to this market, says Industry and Trade Deputy Minister Do Thang Hai.
Goods from China are expected to come flooding in as Vietnam will soon remove or cut tariffs on a wide range of products to fulfill its commitment as a member the ASEAN-China Free Trade Area.
VOV.VN - Commercial trade with the ASEAN is a microcosm of the challenges facing the Vietnamese domestic sector globally.
VOV.VN - The six-day visit by Prime Minister Nguyen Xuan Phuc to China last month, his first since taking office in April, has raised new hope that the two neighbours will take corrective action to redress the balance of trade deficit.