Trade deficit hits 6.8b USD during first 9 months

Vietnam 's trade deficit in the first nine months of the year reaches 6.84 billion USD, equal to 9.7 percent of the total export turnover, the General Statistics Office (GSO) has reported.
Vietnam 's trade deficit in the first nine months of the year reaches6.84 billion USD, equal to 9.7 percent of the total export turnover, theGeneral Statistics Office (GSO) has reported.

Thecountry earns 70 billion USD from exports, up 35.4 percent over the sameperiod last year, while spending 76.9 billion USD on imports, up 27percent.

The deficit is much lower than that of the firsthalf of the year when the rate was equal to 15.7 percent of the totalexport earnings.

Director of the GSO Trade Department LeThi Minh Thuy attributed the positive result to successfulimplementation of Government's policies to restrict the import of luxurygoods and encourage the use of locally made products.

Thuy said the decrease in imports in the first nine months was also dueto a local production slowdown, which reduced the quantity of importmaterials needed for local production.

"Production is often highly dependent on imported materials," she said.

She forecast that imports would increase significantly during theremaining months of the year when local production was expected toimprove.

During the surveyed period, imports of machines,equipment and materials accounted for 91.2 percent of the country'stotal import value.

Imports of rubber and liquefiedpetroleum gas saw the highest growth rate of 66 percent and 62.4 percentover the same period last year, valued at 739 million and 571 millionUSD, respectively.

Imports of chemicals, cloth, andelectrical products, computers and parts also reported high growth ratesof more than 30 percent.

The GSO attributed the high risein exports to global price hikes, which contributed nearly 20 percentto the country's export turnover.

Coffee, pepper, rice and cassava benefited the most from higher export prices.

The GSO said coffee fetched nearly 2.2 billion USD, up 63.9 percent inthe first nine months despite a modest increase of 7 percent in volume.

With a 15 percent rise in terms of volume, pepper also contributed 646million USD to the total export earnings, up 94 percent.

The export value of crude oil increased by 52.3 percent to 5.55 billion USD though its export volume surged only 4 percent.

Among 17 export staples, which earned more than 1 billion USD each inthe first nine months, garments and textiles topped the list with 10.5billion USD, up 31 percent. Footwear and seafood followed with 4.76billion USD and 4.4 billion USD, up 30.8 percent and 26.4 percent. /.

See more

The 5th Exhibition of Ho Chi Minh City and Friendship Provinces and Cities in Savannakhet takes place from April 2 to 6. (Photo: VNA)

Vietnam, Laos boost trade at Savannakhet expo

Vice Governor of Savannakhet Saensak Soulisak highlighted the exhibition’s role in expanding trade collaboration, enabling businesses to connect, share experience, and explore investment prospects. He also noted its significance in promoting local products to a wider market.

Visitors at the exhibition (Photo: VNA)

Vietnam Expo 2025 opens, spotlighting digital transformation, innovation

This year’s edition, themed “Step together in a digitised world,” has attracted around 400 businesses from 18 countries and territories, with over 500 booths. Alongside traditional networking, it introduces online business-to-business (B2B) matching, enabling year-round connections.

Prime Minister Pham Minh Chinh speaks at the second meeting of the National Steering Committee for building the private economic sector development project (Photo: VNA)

Private sector encouraged to join major national programmes, projects

It must fully unleash the productive capacity and resources of the country through the private sector; mobilise all private resources for national development; harness the effectiveness of internal forces, including human, natural resources, history, and culture, while effectively combining them with external resources such as capital, technology, human resources, and management experience, he said.

At the annual Vietnam-Cambodia business dialogue in Phnom Penh on April 4 (Photo: VNA)

Annual Vietnam-Cambodia business dialogue held in Cambodia

The annual business dialogue in Cambodia attracted around 150 delegates, including Vietnamese businesses and Vietnamese-origin companies operating in Cambodia across various sectors such as finance, banking, insurance, telecommunications, agriculture, construction, interior design, food services, transportation, logistics, trade, healthcare, and tourism.

Rice is one of Vietnam's exports to Cuba. (Photo: VNA)

Vietnam-Cuba Business Forum held in Hanoi

Addressing the event, Cuban Ambassador Rogelio Polanco Fuentes affirmed that Cuba will always stand alongside the Vietnamese Government and business community in their efforts to achieve the challenging target socio-economic goals.

The private sector is expected to make breakthroughs for national development. (Photo: VNA)

Party official anticipates breakthroughs in private economic sector

With the Politburo set to issue a dedicated resolution on the private economic sector, there should be a reformed approach to action plans, according to Secretary of the Party Central Committee and head of Head of its Commission for Policies and Strategies Tran Luu Quang.

NCSoft and VNGGames sign a cooperation agreement to develop products in Southeast Asia. (Photo: VNG)

More RoK’s game developers target Vietnam

Over half of Vietnam's nearly 100 million population being gamers and the country's competitive labour costs are among reasons for Korean gaming firms' expanding presence in Vietnam.

Representatives from the Vietnamese Embassy in the UK, LHR leaders, airline partners, and passengers at the anniversary event (Photo: VNA)

Vietnam Airlines marks 10 years of UK route operations

Vietnam Airlines launched its direct UK route in 2011, initially operating from London Gatwick Airport (LGW) before transitioning to Heathrow in 2015, improving connectivity to one of the UK’s major international hubs./.

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona. (Photo: VNA)

Cuban commerce official optimistic about bright future of Vietnam-Cuba cooperative ties

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona hailed Vietnam as Cuba’s second-largest trading partner in Asia and its top investor, spotlighting its foothold in the Mariel Special Development Zone via Viglacera. This zone, he noted, is set to become a pivotal hub for Vietnamese investment in the years ahead.