Vietnam’s exports to China rise by 16.5 percent
Vietnam’s exports to China hit 5.8 billion USD in the first five months of 2016, an increase of 16.5 percent year on year, while imports from China fell 3.67 percent to 14.73 billion USD.
Hanoi (VNA) – Vietnam’s exports to China hit 5.8 billion USD in the first five months of 2016, an increase of 16.5 percent year on year, while imports from China fell 3.67 percent to 14.73 billion USD, according to the General Department of Vietnam Customs.
Vietnam mainly imported machines, equipment, mobile phones, computers, fabrics, iron and steel from China.
Vietnam expects to ship about 20 billion USD worth of commodities to China and spend 48 billion USD on imports from the partner this year. Its trade deficit with China would total 28 billion USD, 13.6 percent lower than last year’s 32.4 billion USD.
The contraction could be a good sign for Vietnam which has long been dependent on exported goods from China.
However, the Ministry of Industry and Trade warned that the figures might not reflect the real trade gap between the two nations. It did not take into account cross-border trade in which China still enjoys a vast surplus.
Vietnam reported 134 billion USD in trade revenue with foreign partners during the period, with export turnover of 67.7 billion USD, up 6.6 percent year on year, and import value of 66.3 billion USD, down 0.9 percent.
The United States continued to be Vietnam’s biggest buyer, importing 14.6 billion USD worth of commodities from Vietnam, up 14.9 percent compared to the same period last year. It was followed by the European Union with 13.3 billion USD in imports, up 11 percent.-VNA
Vietnam mainly imported machines, equipment, mobile phones, computers, fabrics, iron and steel from China.
Vietnam expects to ship about 20 billion USD worth of commodities to China and spend 48 billion USD on imports from the partner this year. Its trade deficit with China would total 28 billion USD, 13.6 percent lower than last year’s 32.4 billion USD.
The contraction could be a good sign for Vietnam which has long been dependent on exported goods from China.
However, the Ministry of Industry and Trade warned that the figures might not reflect the real trade gap between the two nations. It did not take into account cross-border trade in which China still enjoys a vast surplus.
Vietnam reported 134 billion USD in trade revenue with foreign partners during the period, with export turnover of 67.7 billion USD, up 6.6 percent year on year, and import value of 66.3 billion USD, down 0.9 percent.
The United States continued to be Vietnam’s biggest buyer, importing 14.6 billion USD worth of commodities from Vietnam, up 14.9 percent compared to the same period last year. It was followed by the European Union with 13.3 billion USD in imports, up 11 percent.-VNA
You should also see
Leaders pay tribute to President Ho Chi Minh on National Reunification Day
Leaders and former leaders of the Party, State, Government, National Assembly (NA), and Vietnam Fatherland Front (VFF) paid tribute to President Ho Chi Minh at his mausoleum in Hanoi on April 26 on the occasion of the 49th anniversary of the Liberation of the South and National Reunification Day (April 30, 1975-2024).
See more
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
Business
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
Business
Vietnam needs drastic reforms to create firm ground for economic growth: experts
Drastic institutional reforms are needed to create firm ground for economic growth in the context that persistent challenges, both external and internal, still cloud the growth prospect, experts have said.
