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Hanoi (VNA) - Vietnam reported a trade surplus of 1.9 billion USD in the first five months of this year amid the ongoing complexity for global markets caused by the COVID-19 pandemic. According to the General Statistics Office (GSO), export turnover reached 99.36 billion USD, down 1.7 percent year-on-year. The domestic sector’s export value was 33.3 billion USD, up 10.4 percent compared to the same period last year, while the FDI sector’s exports, including crude oil, were valued at 66.06 billion USD, down 6.9 percent. Commodities seeing strong growth in export value during the period included machinery, equipment, tools, and spare parts with 25 percent; computers, electronic products, and components with 22.1 percent; rice with 17.2 percent; coffee with 2.9 percent; and cashew nuts with 2.2 percent. Those with declining turnover were telephones and components (8.8 percent), textiles (14.5 percent), footwear (4.6 percent), fruit and vegetables (10.3 percent), rubber … [Read more...] about Vietnam posts 1.9bln USD trade surplus in first five months

Speaking at the event, Counsellor Bùi Huy Sơn, Head of Việt Nam Trade Office in Washington DC, said they would co-operate with the US-ASEAN Business Council (USABC) to organise other conferences connecting Vietnamese firms with US ones. In addition, they have always been ready to support and exchange information to help the two countries’ businesses to learn their demands and promote trade co-operation. … [Read more...] about Việt Nam, US promote footwear trade post-pandemic

He thanked the Vietnamese Government and people for sharing medical supplies with Singapore, saying it showed the solidarity, friendship and partnership between the two countries. He appreciated Việt Nam's role and initiatives as the Chair of ASEAN 2020 to promote intra-regional and ASEAN cooperation with key partners in dealing with and mitigating the impact of the pandemic. … [Read more...] about Việt Nam, Singapore agree to boost cooperation and trade

The 2020 textile and garment export value is forecast to drop 15 percent compared with 2019 The cancellation/delay of orders by purchasers from Europe and the US, especially since March, has resulted in sharp revenue drops. The Vietnam National Textile and Garment Group (Vinatex) faced a seven-percent drop in first-quarter revenue compared with the same period of 2019, and fulfilled only 20 percent of its annual plan. … [Read more...] about Forecast amended for textile, garment exports

On the flip side, experts believed controlling cost is key for European lenders at this moment, so looking for lucrative land in Asia might not be on their top priority now. Banks have been caught between a rock and hard place given the low and negative interest rates across the continent. Deutsche Bank, which entered Vietnam in 1992, now finds itself in uncharted waters due to the COVID-19 pandemic forcing it to set aside money for loan losses and disrupting its targets. The bank now holds 2.52 per cent of shares at Vietnamese lender SHB. … [Read more...] about Upcoming EVFTA to fortify lenders