Trade surplus or deficit which is better

Vietnam’s 2020 export revenue as of August 15 rose 1.8% , reaching US$160.2 billion while imports were estimated at US$150.2 billion, latest customs data has shown. Vietnam has recorded a trade surplus of US$10 billion. That means the country registered a trade surplus of US$10 billion. In the first half of August, Vietnam exported US$12.7 billion worth of goods and imported US$10.8 billion, according to the General Department of Customs. It is worth noting that Vietnam’s export activity has seen signs of a rebound recently. With US$24.87 billion worth of exports, July was the second best-performing month, behind August of 2019, and Vietnam’s exports continues to maintain momentum this month. Top export earners in the first half of August include mobile phones (US$2.58 billion), computers and electronics (US$1.9 billion), textiles (US$1.36 billion), machinery (US$1.11 billion) and footwear (US$652 million). Conversely, Vietnam’s main imports were computers and electronics, machinery, mobile phones and fabrics. …

[Read more...] about Vietnam’s exports recover as trade surplus hits US$10 billion

Monetary policies: highlights of early 2021 By Pham Minh Consistently low interbank interest rates since the start of 2020 (except on a few days, when an unexpected drop in liquidity pushes up interest rates) have enabled banks to keep deposit and lending interest rates manageable to boost production and investment - PHOTO: TRAN NGOC LINH The State Bank of Vietnam (SBV) has loosened monetary policies since the start of this year to fuel growth as macroeconomic fundamentals remain favorable. Maintaining the values of key interest rates and sustaining policies aimed at supporting enterprises battered by Covid-19 are among the highlights of monetary policies in 2021. Monetary policy management is inextricably tied with macroeconomic fundamentals. It is therefore important to review these factors as a necessary condition for policymaking of the SVB, the central bank. Two key variables, inflation and the exchange rate, were rather encouraging in the first four months of this year. Inflation in the first four months only rose by 0.89% year-on-year, the lowest since 2016 (according to the General Statistics Office). However, there is enormous inflationary pressure due to rising global money supply and the recovery of the global economy and trade following stimulus packages. The prices of commodities such as fuel, oil and agro-products have faced upward pressure. However, since prices were relatively high in Vietnam last year, especially in the first two months of 2020, the year-on-year increase observed in 2021 was not drastic. Exchange rates remain stable. As the U.S. Federal Reserve (Fed) continues easing monetary policies by maintaining its target interest rates at around 0% and buying bonds worth US$120 billion per month, demand for holding the greenback, both worldwide and in Vietnam, has fallen. This has been a blessing for the dong. Dollars pour into Vietnam, leading to surpluses in both trade and capital accounts, contributing to exchange …

[Read more...] about Monetary policies: highlights of early 2021

Vietnamese lychees have been successfully exported to many markets such as the Netherlands, France, Japan, and the Czech Republic (Photo: VNA) Hanoi (VNA) – Fresh lychees from Vietnam have hit the shelves of a supermarket in the Netherlands and received warm response, expecting to make further inroads into this market in the time ahead. To advertise Vietnamese lychees, the trade office of Vietnam in the Netherlands and the LTP Import Export BV company have organised a tasting programme at Thanh Hung Supermarket in Spijkenisse city. The fruits for sale at this supermarket come from the batch of nearly 1 tonnes of lychees that were farmed in Thanh Ha district, Hai Duong province, and arrived at Schiphol Airport on June 17 for distribution to Asian supermarkets in the Netherlands, France, and Germany. Earlier, the sample lychees had been sent to all Asian supermarkets in the Netherlands and won over great interest from their owners. As a result, lychee orders from supermarkets in the Netherlands, France, Germany, and Norway, for between hundreds of kilogrammes and one tonne each, have been made, and the batches are scheduled to be shipped by air in the next one or two weeks. E-commerce websites of the Netherlands and France have also swiftly received orders for Vietnamese lychees imported by LTP Import Export BV. Vo Thi Ngoc Diep, Trade Counsellor of Vietnam in the Netherlands, said this is the first time fresh lychees of Vietnam have been imported via an official channel to the Netherlands, from which the fruit will be distributed to neighbouring countries. With those encouraging signs, Vietnamese lychees will hopefully continue making further inroads into the Dutch market in the coming years. Apart from the Netherlands , the fruit has also been successfully exported to France, Japan, and the Czech Republic, among others, which all have strict requirements for imported products./. VNA …

[Read more...] about Vietnamese lychees confident of winning over consumer taste in Netherlands