Vietnam racks up $1.29 billion in trade surplus in two months The country’s trade turnover during January-February topped some 95.81 billion USD, a year-on-year surge of 25.4 percent. Vietnam’s trade balance posted positive, 1.29 billion USD, in the first two months of the year, the General Department of Customs said on December 28. The country’s trade turnover during January-February topped some 95.81 billion USD, a year-on-year surge of 25.4 percent. Of the total, exports amounted to 48.55 billion USD, a yearly hike of 23.2 percent, while imports were estimated at 47.26 billion USD, or 25.9 percent higher than the same time last year. Foreign-invested companies accounted for 76.4 percent, or 37.07 billion USD, of Vietnam’s total export turnover. Meanwhile, the domestic sector shipped abroad 11.48 billion USD worth of products. There were nine commodities joining the billion-USD export club, including telephones and parts (9.3 billion USD, up 22.8 percent year-on-year); electronics, computers and parts (6.9 billion USD, up 27.3 percent); equipment, machines and parts (5.5 billion USD, up 72.6 percent); footwear (3.2 billion USD, up 15.4 percent); and wood and wooden products (2.4 billion USD, up 51 percent). They made up 73 percent of the country’s export turnover. The US was Vietnam’s biggest importer as it splashed out 14.2 billion USD on Vietnamese products, or 38.2 percent higher than the amount it spent the same time last year. China came second with 8.5 billion USD, followed by the EU with 6.3 billion USD, ASEAN 4.2 billion USD, the Republic of Korea 3.4 billion USD, and Japan 3.2 billion USD. Meanwhile, the country spent big (47.26 billion USD) on imports, with foreign-invested sector purchasing 31.64 billion USD worth of products from abroad for production, up 31.4 percent, while that of the domestic sector surged 16 percent to 15.62 billion USD. In the two-month period, China was the largest exporter of Vietnam, with revenue …
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Vietnam manufacturing index inches up
The index, which represents an improvement from the previous month if it rises above 50, has now strengthened for three successive months, according to a note by market research company IHS Markit. There has been sustained growth in new orders for six straight months amid signs of improving international demand, the report said. Employment increased for the second time in three months as firms responded to rises in demand and production requirements, it added. Factories in some provinces like Binh Duong and Dong Nai in the south and Bac Giang in the north are struggling as they need thousands of new workers following a surge in new orders. Yet IHS Markit’s data showed that business confidence continued to wane in February, the third straight month it fell and at the lowest level since last August, after 865 new Covid-19 cases were found following the latest outbreak on January 28. "Renewed increases in output, employment and purchasing activity are all welcome signs, but a recent increase in Covid-19 cases sounds a note of caution," Andrew Harker, the company’s economics director, said. Vietnam has in the past proved successful in quickly containing the virus, and if this success is repeated the manufacturing sector would remain in growth territory, he added. IHS Markit forecasts a rise in industrial production of 6.8 percent this year. …
Switzerland-Vietnam business group debuts
Based in Lausanne, the SVBG, the first of its kind founded by Vietnamese expatriates in Switzerland, has been set to focus on offering trade information via workshops, forums, and internal bulletins; providing legal consultations and guidance; developing links for technological transfers and improvement; and introducing quality human resources. It will also make recommendations for more favourable business climate to competent agencies of both nations, while organising socio-cultural activities serving its goals. Speaking at the debut ceremony, Vietnamese Ambassador Le Linh Lan stressed the group came into being at a special time as Vietnam has placed the COVID-19 pandemic under control and prepared best conditions possible to welcome Swiss investors. In 2020, Vietnam’s economy grew 2.91 percent, making it one of the few countries that have maintained positive GDP growth while many others in the world fell into severe recession. Also in August last year, the EU-Vietnam Free Trade Agreement took effect, opening up huge trade and investment opportunities for both sides. In last November, as the Chair of the ASEAN, Vietnam successfully pushed the signing of the Regional Comprehensive Economic Partnership (RCEP), establishing the biggest free trade area worldwide. Lan stressed the embassy supports the operation of the SVBG. According to the diplomat, Switzerland is the 6th largest European investor in Vietnam, with its investment totaling 2 billion USD, mostly in manufacturing – processing and electricity. Currently, close to 100 Swiss firms are operating in Vietnam. Meanwhile, Vietnam is the four biggest trade partner of Switzerland in ASEAN, with bilateral trade exceeding 3.6 billion USD in 2019. Since 2012, Vietnam and the European Free Trade Association (EFTA) – the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland – began negotiations for a FTA, which is expected to be signed this year. As scheduled, the SVBG will make …
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