(VEN) - After maintaining a trade surplus in 2018, Vietnam faced a deficit in the first five months of 2019. However, economists believe that for now, the trade deficit is not a cause for concern. Further efforts are being made to promote exports Imports mostly for production Ministry of Industry and Trade (MoIT) data show that Vietnam’s export value in the first five months of 2019 reached an estimated US$100.74 billion, up 6.7 percent compared with the same period last year; the import value reached an estimated US$101.28 billion, up 10.3 percent. These results yielded a trade deficit of US$548 million. The MoIT’s Agency of Foreign Trade attributed the deficit to increased machinery imports because of expanded foreign direct investment (FDI), which led to higher demand for import of technology, machinery, equipment and production materials. The import of production materials accounted for 88 percent of total import value in the first five … [Read more...] about Officials say trade deficit not cause for concern, yet
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Vietnam’s trade deficit is back, but there’s no need to panic
VietNamNet Bridge – Vietnam attained a trade surplus in three consecutive years from 2016 to 2018. However, the trade deficit has returned in the first two months of this year. Associate Professor Pham Tat Thang, senior researcher of the Trade Research Institute under the Ministry of Industry and Trade, speaks to Hải Quan (Customs) newspaper about the deficit. Pham Tat Thang. VNA/VNS Photo Vietnam saw a trade deficit of US$84 million in the first two months of this year, according to the General Statistics Office. What is your comment on that? If we take a look at the general picture of the national economy and its relations with other economies, Vietnam has mostly seen trade deficits. The Government has set the target of balancing imports and exports by 2020. The target was reached in 2017 and 2018. During these two years, Vietnam obtained a major trade surplus. It was a great achievement of the national economy. But in fact, the trade surplus was not … [Read more...] about Vietnam’s trade deficit is back, but there’s no need to panic
Việt Nam’s trade deficit is back, but there’s no need to panic
Viet Nam News Việt Nam attained a trade surplus in three consecutive years from 2016 to 2018. However, the trade deficit has returned in the first two months of this year. Associate Professor Phạm Tất Thắng, senior researcher of the Trade Research Institute under the Ministry of Industry and Trade, speaks to Hải Quan (Customs) newspaper about the deficit. Việt Nam saw a trade deficit of US$84 million in the first two months of this year, according to the General Statistics Office. What is your comment on that? If we take a look at the general picture of the national economy and its relations with other economies, Việt Nam has mostly seen trade deficits. The Government has set the target of balancing imports and exports by 2020. The target was reached in 2017 and 2018. During these two years, Việt Nam obtained a major trade surplus. It was a great achievement of the national economy. But in fact, the trade surplus was not sustainable … [Read more...] about Việt Nam’s trade deficit is back, but there’s no need to panic
Việt Nam faces threat of trade deficit in 2019
In January the deficit ballooned to nearly US$1 billion as imports rose by 1.7 per cent to $20.8 billion, according to the General Department of Customs. — VNA/VNS Photo Compiled by Thiên Lý Việt Nam faces a possible return to a trade deficit this year after three years of enjoying surpluses, experts said pointing to the sharp rise in imports and increasing difficulties facing exports. In January the deficit ballooned to nearly US$1 billion as imports rose by 1.7 per cent to $20.8 billion, according to the General Department of Customs. Exports were down by 1.3 per cent to $20 billion. The biggest reason experts think the deficit could be around US$3 billion this year is a sharp increase in import of feedstock and raw materials by many sectors. According to the Ministry of Industry and Trade (MoIT), imports are likely to increase in sectors whose production is still strongly dependent on imported raw materials and equipment and those performing … [Read more...] about Việt Nam faces threat of trade deficit in 2019
Vietnam faces threat of trade deficit in 2019
In January the deficit ballooned to nearly US$1 billion as imports rose by 1.7 per cent to $20.8 billion, according to the General Department of Customs. — VNA/VNS Photo Viet Nam faces a possible return to a trade deficit this year after three years of enjoying surpluses, experts said pointing to the sharp rise in imports and increasing difficulties facing exports. In January the deficit ballooned to nearly US$1 billion as imports rose by 1.7 per cent to $20.8 billion, according to the General Department of Customs. Exports were down by 1.3 per cent to $20 billion. The biggest reason experts think the deficit could be around US$3 billion this year is a sharp increase in import of feedstock and raw materials by many sectors. According to the Ministry of Industry and Trade (MoIT), imports are likely to increase in sectors whose production is still strongly dependent on imported raw materials and equipment and those performing outsourcing. They include leather shoes, textile and … [Read more...] about Vietnam faces threat of trade deficit in 2019