China trade surplus in 2017

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. Vietnam also saw strong surge in shipments of several agricultural products, such as fruits and vegetables (610 million USD, rising 14.6 percent), rubber (516 million USD, increasing 109.7 percent), cashew (442 million USD, up 21.5 percent), and cassava (256 million USD, hiking 78.2 percent). The U.S. 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 E.U. 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 estimated at 17.3 billion USD, up 85.7 percent …

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Prof. Dr. Andreas Stoffers - Country director, Vietnam The Friedrich Naumann Foundation for Freedom The United Kingdom is an important trading partner of Vietnam. In 2020, trade turnover between the two countries amounted to $6.6 billion. With $5.8 billion in exports, Vietnam’s trade balance was clearly positive, which also underlines the country’s strong interest in reaching an amicable agreement with the UK. In recent years, despite the uncertainties associated with Brexit, the growth of trade relations has been unbroken, averaging 12.1 per cent per annum in 2011-2019. The trade relations between the EU and Vietnam are naturally greater given the fact that the EU is the world’s largest market. In 2019, the EU was the second-most important overseas market for Vietnamese products with a total trade volume of $56.45 billion, of which Vietnam’s exports accounted for two-thirds ($41.55 billion). This is 16 per cent of the country’s total export volume. In 2020, exports to the EU increased to $34.8 billion, and imports to $14.5 billion. Vietnam benefits significantly more from bilateral economic relations than the EU. The continuous surplus Vietnam enjoys in its bilateral trade relations with the EU has been instrumental in offsetting Vietnam’s huge trade deficits with China and South Korea. Vietnam exports mainly electronics, footwear, clothing and textiles, coffee, seafood, and furniture. The most important goods of EU exports to Vietnam are high-tech products including boilers, machinery and mechanical products, electrical machinery and equipment, pharmaceuticals, and a very limited number of motor vehicles. The EVFTA opens many opportunities for producers and traders on both sides, including small- and medium-sized enterprises. The EVFTA is of course one of the most modern and far-reaching agreements of its kind. It plays an important role in promoting trade liberalisation between Vietnam and the EU. Combined with the new Law on Investment which …

[Read more...] about Added trade potential for Vietnam with UK-EU deals

The Hanoitimes - Vietnam’s rise of three ranking positions to 8th overall is the fastest rise in the top half of the Index and displaces regional partner Thailand in the top 10. Vietnam moved up three places to 8th in the top 10 countries of the Emerging Markets Logistics Index 2021 by Agility, one of the world’s top freight forwarding and contract logistics providers. Cargos handling at Dinh Vu port, Hai Phong. Photo: Pham Hung Among countries in ASEAN, Vietnam stood at third behind Indonesia (3rd overall) and Malaysia (5th), and was above the likes of Thailand (11th), the Philippines (21st) and Cambodia (41st). According to Agility, Vietnam’s handling of the Covid-19 pandemic has been one of the most successful globally, with data from Johns Hopkins University showing less than 1,500 reports of Covid-19 cases in the country in 2020. The combination of social and economic restrictions with a strict and comprehensive testing and tracing system, saw lockdowns last less than three months, and by June many factories were reopened and domestic operations were recovering quickly, it said. “The steps taken by Vietnam in 2020 propel it into the top 10 ranking in 2021 – its rise of three ranking positions to 8th overall is the fastest rise in the top half of the Index and displaces regional partner Thailand in the top 10,” stated the logistics firm. “The country’s economy has performed well as a result of the minimal domestic disruptions and is set to be one of the best performing globally in 2020,” noted the report. The foundation provided by the strong performance in 2020 is expected to underpin a 2021 expansion of 6.5% as domestic and international conditions normalize and the Covid-19 pandemic recedes. In recent years, Vietnam has added significant hightech manufacturing capacity, helping attract investment from producers higher up the value chain as costs in China increased. The option to avoid additional costs associated with …

[Read more...] about Vietnam named in Agility’s top 10 Emerging Markets Logistics Index 2021