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Vietnam records a rise of 15.8 percent in total export earnings

Updated at Tuesday, 14 Mar 2017, 11:06
The Hanoitimes - Vietnam’s total export earnings hit 13 billion USD in February, raising the total in the first two months of 2017 to 27.43 billion USD, up 15.8 percent annually.
Vietnam's total import-export turnover of the first two months of 2017 reached over 55.66 billion USD, up 19.5% over the same period of 2016, according to the latest statistic of the General Department of Customs.
According to the General Department of Customs, the country's total import-export turnover of goods in the first two months of this year was over 55.66 billion USD, incresing by 19.5%, equivalent to nearly 9.08 billion USD over the same period in 2016.
Vietnam’s total export earnings hit 13 billion USD in February, raising the total in the first two months of 2017 to 27.43 billion USD, up 15.8 percent annually.
Illustrative image
Illustrative image
Of the two-month figure, 19.25 billion USD was contributed by foreign investment sector, including crude oil, accounnting for a 16.1 percent increase while the remaining was from domestic sector, up 12.2 percent. 
Notably, the US remained Vietnam’s biggest importer valued at over 5,33 billion USD, a rise of 18.9 percent, making up 21.8 percent of the country’s total shipment. It was followed by Asia, European Union, China and the Republic of Korea. 
During the reviewed time, mineral and materials group saw a 49.2 percent surge to nearly 0.7 billion USD, equivalent to 1.9 percent of the total.
Meanwhile, processing industry group gained 22 billion USD, up 1.5 percent year on year and accounting for 80.6 percent of the total. Only a few commodities suffered steep export prices such as pepper (21.1 percent) and ore and other minerals (48.4 percent). 
The statistics pointed out that that agro-forestry-fisheries earned 3.2 billion USD in February, or 9.9 percent rise year-on-year, accounting for 11.4 percent of the total. 
Several commodities raked in less export revenues, including rice (21.4 percent), pepper (26.9 percent), cassava and its products (15.8 percent). 
In January-February, the import of iron & steel wastages and nine-seater automobiles from ASEAN and India rose significantly due to a reduction of tariff imposed on ASEAN automobiles with fewer than nine seats from 40 percent to 30 percent as committed in the ASEAN Trade in Goods Agreement, and steep discount of made-in-India car prices to compete with those from Thailand and Indonesia. 
The import value of 10 top commodities reached more than 18.22 billion USD, accounting for 64.5% of the country's total import turnover.
The Ministry of Industry and Trade is embarking on a sustainable export development scheme, in which, specific measures are outlined to restructure the market, renew growth and improve competitiveness of export products. 
The ministry will also accelerate trade promotion of goods of high competitiveness, expand export markets for key items and develop production to meet domestic and overseas demand, towards a more balanced trade.
Translated by Thu Minh
Source: Ha Thanh-Kinhtedothi.vn
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