Harvesting coffee for exports (Photo: VNA) Hanoi (VNA) - Vietnam recorded a trade deficit of 1.3 billion USD in May, resulting in a total deficit of 548 million USD for the first five months of the year, according to General Statistics Office (GSO)'s monthly report. The domestic sector reported a trade deficit of 13.3 billion USD in the period, while foreign-invested firms posted a trade balance of 12.7 billion USD. GSO statisticians blamed the return to a trade deficit on slowing growth of exports in May. In the first four months of the year, the country posted a surplus of 771 million USD. They said the country’s import-export turnover reached more than 202 billion USD in the five-month period, a year-on-year rise of 7 percent. However, this growth rate was much lower than 19 percent and 17.5 percent seen in the same periods of 2018 and 2019, respectively, with key export items such as rice, coffee and cashew nuts posting turnover reductions of between 14 and 23 percent. … [Read more...] about Vietnam records trade deficit of 1.3 billion USD in May
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Vietnam’s registers trade deficit for first time in 2019
The Hanoitimes - Phones and parts recorded the highest export turnover of US$19.9 billion during the five-month period, accounting for 19.7% of total exports and up 3% year-on-year. Vietnam to be least impacted in ASEAN from US-China trade war escalation Cooperation in agriculture helps reduce Vietnam’s trade deficit with Brazil Vietnam trade surplus narrows to US$711 million in Jan-Apr Vietnam better off without China – US trade deal: Brokerage Vietnam targets higher added value by promoting sustainable trade Vietnam reported an estimated trade deficit of US$1.3 billion in May, leading to a deficit of US$548 million in the five months period while the country had an accumulative surplus of US$752 million one month earlier, the General Statistics Office (GSO) has said in a monthly report. Illustrative photo. On breaking down, the domestic sector reported a trade deficit of US$13.28 billion in the period, while foreign-invested firms … [Read more...] about Vietnam’s registers trade deficit for first time in 2019
Vietnam, China agree to strengthen bilateral ties
Deputy Prime Minister and Foreign Minister Pham Binh Minh (L) and Chinese State Councilor and Foreign Minister Wang Yi (Photo: VNA) Singapore (VNA) – Deputy Prime Minister and Foreign Minister Pham Binh Minh and Chinese State Councilor and Foreign Minister Wang Yi on August 3 agreed to continue reinforcing and strengthening the comprehensive strategic cooperative partnership between Vietnam and China. During their meeting in Singapore on the sideline of the 51st ASEAN Foreign Ministers’ Meeting and other related meetings, the two sides pledged to coordinate closely in organising visits of leaders of the two Parties and States this year. The two countries will work together in implementing agreements and common perspectives reached by senior leaders of the two countries, and continue strengthening cooperation among ministries, sectors and localities. Vietnam and China will also actively solve existing problems in cooperation projects, and maintain the stable and positive … [Read more...] about Vietnam, China agree to strengthen bilateral ties
MoIT measures yield drop in trade deficit with China
(VEN) - The balance of Vietnam’s trade with China has recorded positive change. The Ministry of Industry and Trade (MoIT) plans various additional measures to promote exports and thereby gradually reduce the trade deficit with this market. In 2016 and 2017, Vietnam’s trade deficit with China decreased by an average of more than 16.1 percent per year Over the past 14 years, China has been Vietnam’s largest trading partner and second largest export market, after the US. For its part, Vietnam ranks eighth among China’s trading partners and is the largest among those in ASEAN. Bilateral trade value reached US$93.7 billion in 2017, a rise of 30.2 percent compared with 2016. This included US$35.5 billion worth of Vietnamese exports to China and US$58.2 billion worth of imports from this market. Vietnam exports to China mostly agricultural, forest and aquatic products, minerals, fuels and processing industry-related products, while major imports … [Read more...] about MoIT measures yield drop in trade deficit with China
Vietnam can gain from the US-China trade war: Economist
Illustrative photo (Source: VNA) Hanoi (VNA) – The trade war between the US and China is causing widespread concern over possible risks posed to the global economy, including that in Vietnam. However, the conflict can bring about indirect opportunities for Vietnam if the country knows how to grab hold of the situation, according to a local economist. For Professor Pham Tat Thang, senior researcher at the Trade Research Institute at the Ministry of Industry and Trade, it seems as though no one will win in the US-China trade war, neither the two nations involved nor the world’s economy. First of all, this war is threatening the global economy as it goes against the global trend towards trade liberalisation and triggers the rise of protectionism. It could result in a global economic slowdown and impact Vietnam’s economy in a bad way, Thang explained. Chinese products and projects will not be allowed to make their way into the US like before so Chinese government and … [Read more...] about Vietnam can gain from the US-China trade war: Economist