Vietnam’s trade surplus records healthy growth in ten months
Updated at Monday, 31 Oct 2016, 17:04
The Hanoitimes - The recent statistics show that Vietnam recorded a 3.5 billion USD trade surplus in the January-October period of 2016.
Total export revenue reached 144 billion USD in the period and import value amounted to 140.5 billion USD. Major foreign currency earners are phones and phone parts, electronic goods, textile and garments, computers, machinery and equipment, foot wear and aquatic products.
Phones and phone parts brought in an estimated 28.3 billion USD, up more than 10 percent year on year, while textile and garments earned nearly 20 billion USD, an increase of 5.2 percent. The export value of agro-forestry-fishery products reached 26.4 billion USD, a year-on-year increase of 6.3 percent.
Regarding imports, 22.7 billion USD worth of computers, electronic goods and parts were imported in the period, a 17.5 percent increase from the same period last year. Meanwhile, 22.5 billion USD were spent on machinery, equipment, tools and other parts, down 1.5 percent year on year. The import value of phones and parts was estimated at 8.55 billion USD, falling 6.3 percent.
The Asian Development Outlook Update (ADOU) 2016 forecasts a downward revision in Vietnam’s economic growth to 6.0 percent in 2016, and 6.3 percent in 2017. The country’s economic growth is expected to rise in the second half of the year, buoyed by further increases in foreign direct investment and exports, domestic credit growth, a slight recovery in agriculture and accelerating disbursements of capital expenditure on national infrastructure programmes.
The report stressed that while Vietnam’s economy is performing reasonably well against a challenging back-drop, a number of issues will need to be addresses to ensure growth remains sustainable. A recent surge in bank lending increases the importance of efforts to tighten regulations to prevent a rise in financial sector risks.
The report noted that t rade performance remains a bright spot for Vietnam’s economy. In the first six months of 2016, the country produced a large merchandise trade surplus equal to estimated 8.2 percent of GDP. This outcome was a big improvement on 2015 and reflects continued growth in exports while import demand has eased.
According to the General Department of Vietnam Customs, Vietnam’s trade with the bloc has increased strongly since 2004, with the latter, mainly Thailand, Singapore and Malaysia, enjoying a trade surplus. With the establishment of the AEC and many free trade agreements, economists said, Vietnamese businesses have opportunities to boost exports.
By Anh Kiet