The Hanoitimes -
Vietnam imported 22.55 billion USD worth of machinery, equipment and parts in the first ten months of 2016, according to the General Department of Vietnam Customs. The figure showed increasing investment in the manufacturing and processing industry.
In January - October, the General Department of Vietnam Customs said the country imported 22.55 billion USD worth of machinery, equipment and parts while exporting only 8.29 billion USD of those products, recording a deficit of 14.26 billion USD.
The large import of machinery, equipment and parts during the period reflected rising investment in the manufacturing and processing industry.
According to the General Statistics Office, the number of new firms in the manufacturing and processing sector witnessed a growth of 22.1 percent against the same period last year and their total registered capital rose 98.7 percent.
The sector also attracted the largest amount of foreign direct investment, with 8.39 billion USD poured into newly-licensed projects.
The import of computers, electronic products and parts in the reviewed time reached 22.7 billion USD while export of those products fetched only 14.79 billion USD, translating into a 7.91 billion USD trade deficit.
Particularly, the sector saw a high inventory index, which as of October 1 increased by 45 percent from the same period last year.
Vietnam saw a 3.52 billion USD trade surplus in the 10-month period, with major foreign currency earners being 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 gained 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.
A deficit of 1.83 billion USD was also recorded in the trading of gas and oil, with 9.52 million tonnes of petrol and oil imported in ten months, while 6 million tonnes of crude oil were exported.