Vietnam Trade News

Advertisements

Random Post

• Vietnam tourism tipped to reach $4.2b
• Song Da Corporation invest 2 billion USD for 14 projects in Laos
• Hanoi real estate projects burst open
• Deep water ports magnet for Japanese investment
• Foreign machine exhibitors hopeful of Vietnam market
• SCIC to Divest in 200 Enterprises in Jul-Dec 2009

Vietnam Trade News

Vietnam Business » Vietnam Trade News » June trade deficit will exceed $1 billion

June trade deficit will exceed $1 billion

In particular, the nation continues to sustain a substantial deficit in trade with China, the Republic of Korea, Taiwan, Thailand and Singapore. The Ministry of Industry and Trade (MoIT) has calculated that only by controlling trade deficits at around $12 billion for the rest of the year can the nation meet its 2010 target.

Vietnams total trade deficit in the first half of 2010 is projected to be $6.7 billion, double last years level, meaning that Vietnam has imported 21 percent more goods than it has exported.

The National Assembly has instructed the Government to hold the trade deficit to 20 percent of export turnover for the year.

The General Statistics Office reported that Vietnams exports in June will reach about $6 billion, some $300 million less than May. Meanwhile, imports rose slightly to $7.2 billion. Thus the trade deficit in June rose to $1.2 billion, after falling to $871 million in May.

The largest import item by value in June is cotton, projected at around $329 million, up 250 percent from the previous year. Imports of non-ferrous metals doubled. Imports of cars, motorbikes and fertilizer fell.

Vietnams total exports in 2010s first half will total over $32 billion, a 16 percent year over year rise, reported the Ministry of Planning and Investment (MPI). The global economic rebound and rises in world prices are attributable to the surge in export values.

Growth leaders include electric wire and cables (up by almost 87 percent), machines and equipment (up 68 percent), pepper (up 46 percent), and wood and wooden furniture (32.5 percent).

By the end of June, nine hard currency earners were members of the one billion dollar club, namely seafood, rice, crude oil, wooden furniture, apparel, footwear, machines and equipment, electronic appliances and computers, and precious stones and metals.

The United States remains the biggest market, accounting for 20 percent Vietnams exports. ASEAN nations collectively took 17 percent and the European Union, 16 percent.

The five markets where Vietnam has enjoyed the largest trade surplus in the first half of the year are the US, the Philippines, Australia, Switzerland and Cambodia.

Judging from the current positive trend, economists say the yearly export target of some US$63 billion is within reach. Much of the surge in imports reflects imports of raw materials by firms that will later export finished goods.

Even so, the $320 million month-over-month increase in the trade deficit was surprisingly large.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

More Vietnam Trade News:

• Vietnam-Argentina Trade Valued at $284.13M in Jan-Apr
• Vung Tau attracts retail developers
• Japan helps Da Nang map out development strategy
• Vietnam, China To Boost Electrical Cooperation
• Vietnam Deputy PM on Tour to Norway
• IEP Ranks Vietnam 38th in Global Peace Index 2010
• Rolls-Royce wins shiplift contracts
• British Telecommunications seeks Vietnamese clients
• Vietnam, Chile have huge trade potential
• Vietnam-Cambodia trade fair to be held in Phnom Penh

Popular Vietnam Business News

Deposit Interest Rate Rises to 10.2 Per Cent

Although the prime rate set by the State Bank of Vietnam (SBV) was kept unchanged at 7 per cent per annum in July, many banks still revised the borrowing rate.

Prospect for higher FDI

. After a standstill period due to bad impacts of the global economic slow down, more and more foreign companies have come to Vietnam to seek investment and business opportunities.

Leading B2B websites in Vietnam

. More than 100,000 Vietnamese firms have to date joined www.alibaba.com, one of the global leaders in business-to-business (B2B) e-commerce Websites, said China’s Alibaba Group. .About 4,000 Vietnamese small- and medium-sized

Vietnam airline market takes off

Economic recovery is set to spark demand, competition and reasonable fares on Vietnam�s air travel market, industry insiders say. Vo Huy Cuong, head of the Civil Aviation Administration of Vietnam�s

Workers quit factories for more cushy jobs, labor shortage ensues

After the Tet holidays, Tran Thi Phuong from northern Nam Dinh Province did not return to the Hanoi-based garment firm where she had worked for several years. The 28-year-old woman

Vietnam warned of inflation and trade deficit

The trade deficit is likely to prompt a further fall of the Vietnamese dong this year while food, housing and transport costs are leading inflation higher, according to a Standard

Uy Nam Construction Investment Joint Stock Co (Unicons) EPS at 16,644 dong/share in 2009

Uy Nam Construction Investment Joint Stock Co (Unicons) has recently reported audited fiscal report in 2009 with 663.01 billion dong in revenue from sales and service provision, up 24.16 percent

Vietnams export levels bear little impact from European debt crisis

According to trade experts under the Ministry of Industry and Trade, the impact of the debts crisis in Europe is not all that significant because the Vietnamese dong is still

Advertisement