Export revenue of foreign-invested sector increases 6.1% after 8 months
Export revenue of the domestic sector reached 32.62 billion USD, up 4% year-on-year, while that of the foreign-invested sector gained 79.57 billion USD, up 6.1% year-on-year, according to the report of the General Statistics Office (GSO).
The General Statistics Office (GSO) announced that Vietnam witnessed a trade surplus of 2.45 billion USD in the first eight months of this year.
The eight-month trade surplus was totally contributed by the foreign-invested sector, which posted an export surplus of 15.18 billion USD, while the domestic sector saw a deficit of 12.73 billion USD, according to the GSO.
In January-August, Vietnam’s trade revenue topped 221.93 billion USD. Of the sum, exports contributed 112.19 billion USD, rising 5.5% against same period last year.
The growth was, however, equal to two thirds of the target set earlier by the State, the GSO revealed.
Export revenue of the domestic sector reached 32.62 billion USD, up 4% year-on-year, while that of the foreign-invested sector stood at 79.57 billion USD, up 6.1% year-on-year.
Among the key export items recording significant turnover increases were mobile phones and components (22.3 billion USD, up 11%), garments and textiles (15.5 billion USD, up 4.2%), electronics, computers and parts (11.1 billion USD, up 11.2%) and footwear (8.6 billion USD, up 8.1%).
Meanwhile, several other products witnessed export revenue reductions, including crude oil (some 1.5 billion USD, down 46.2%), rice (1.5 billion USD, down 14%), rubber (887 million USD, down 4%) and cassava (698 million USD, down 26%).
The US remained the largest importer of Vietnamese goods with revenue of 24.6 billion USD. It was followed by the EU with 21.9 billion USD, China with 12.6 billion USD, Japan with 9.3 billion USD and the Republic of Korea with 7 billion USD, GSO said.
The country’s imports saw a yearly modest decline of 0.3% to 109.74 billion USD in the reviewed time. Imports of the foreign-invested sector plunged by 1% to 64.39 billion USD, while that of the domestic sector experienced a slight increase of 0.5% to 45.35 billion USD.
Import items witnessing revenue reductions included machines, tools and spare parts (17.7 USD, down 4.2%), materials for garments, textiles and footwear (3.4 billion USD, down 0.3%), animal feed (2.1 billion USD, down 6%), wood and wooden goods (1.1 billion USD, down 21%) and fertilizers (748 million USD, down 18.6%).
Despite a yearly decline of 3% in turnover, China continued to be the biggest import market for Vietnam. From January to August, the country spent 31.6 billion USD on importing goods from this neighboring country, equivalent to one third of Vietnam’s total import turnover.
The eight-month trade surplus was totally contributed by the foreign-invested sector, which posted an export surplus of 15.18 billion USD, while the domestic sector saw a deficit of 12.73 billion USD, according to the GSO.
In January-August, Vietnam’s trade revenue topped 221.93 billion USD. Of the sum, exports contributed 112.19 billion USD, rising 5.5% against same period last year.
The growth was, however, equal to two thirds of the target set earlier by the State, the GSO revealed.
Export revenue of the domestic sector reached 32.62 billion USD, up 4% year-on-year, while that of the foreign-invested sector stood at 79.57 billion USD, up 6.1% year-on-year.
Among the key export items recording significant turnover increases were mobile phones and components (22.3 billion USD, up 11%), garments and textiles (15.5 billion USD, up 4.2%), electronics, computers and parts (11.1 billion USD, up 11.2%) and footwear (8.6 billion USD, up 8.1%).
The mobile phones and components records a significant turnover increase in the first 8 months of this year.
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The US remained the largest importer of Vietnamese goods with revenue of 24.6 billion USD. It was followed by the EU with 21.9 billion USD, China with 12.6 billion USD, Japan with 9.3 billion USD and the Republic of Korea with 7 billion USD, GSO said.
The country’s imports saw a yearly modest decline of 0.3% to 109.74 billion USD in the reviewed time. Imports of the foreign-invested sector plunged by 1% to 64.39 billion USD, while that of the domestic sector experienced a slight increase of 0.5% to 45.35 billion USD.
Import items witnessing revenue reductions included machines, tools and spare parts (17.7 USD, down 4.2%), materials for garments, textiles and footwear (3.4 billion USD, down 0.3%), animal feed (2.1 billion USD, down 6%), wood and wooden goods (1.1 billion USD, down 21%) and fertilizers (748 million USD, down 18.6%).
Despite a yearly decline of 3% in turnover, China continued to be the biggest import market for Vietnam. From January to August, the country spent 31.6 billion USD on importing goods from this neighboring country, equivalent to one third of Vietnam’s total import turnover.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years