Vietnam’s trade deficit with China drops
Vietnam saw a reduction in its trade deficit with China in the first quarter of 2016, raising expectations of an ongoing decline in this deficit for the whole year.
Customs officers in the northern province of Cao Bang inspect goods at Ta Lung International Border Gate. (Photo: VNA)Hanoi (VNA) – Vietnam saw a reduction in its trade deficit with China in the first quarter of 2016, raising expectations of an ongoing decline in this deficit for the whole year.
According to the General Statistics Office (GSO), in the first quarter of this year, Vietnam’s trade deficit with China fell by 15.6 percent year-on-year to 6.5 billion USD.
During the first quarter, Vietnam gained a year-on-year growth of 8.2 percent to reach 3.9 billion USD from exports to China due to an increase in the export of some key products, including fruit and vegetables, up by 72.8 percent, and telephones and their components, up by 77.1 percent.
Meanwhile, the nation paid 10.4 billion USD for imports from China, 8 percent lower than in the same period last year, due to a reduction in the import of some key Chinese products, such as equipment, down by 13.1 percent, and telephones and their components, down by 18.4 percent.
The positive change was expected to promote the total export value from Vietnam to China to 18.5 billion USD for the whole year, higher than the 17.14 billion USD recorded in 2015, according to the GSO.
The total import value to Vietnam from China was also predicted to fall to 46.5 billion USD for the whole year from a record high of 49.53 billion USD in 2015.
Therefore, Vietnam’s trade deficit with China could drop to 28 billion USD for 2016 from the record level of 32.29 billion USD in 2015, the Thoi bao Kinh te Vietnam (Vietnam Economic Times) newspaper reported.
The good news came in response to the early results of opening the local markets and integrating further with the global market with the signing of many free trade agreements. These agreements will help Vietnam restructure its import and export markets in the future.
However, the office said imports from China still accounted for a large percentage of the total national imports, about 28 percent in the first two months of this year, 2.7 times higher than Vietnam’s export value to China, according to the General Department of Customs.-VNA
You should also see
InfographicADB maintains 2024 economic growth forecast for Vietnam
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.
See more
Business
Vietnamese furniture products introduced at Milan Design Week
Ambassador to Italy Duong Hai Hung has congratulated Vietnamese enterprises - the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) and the Handicraft and Wood Industry Association of HCM City (HAWA) - for their initial success in showcasing Vietnamese products in Milan Design Week in Italy - a design & brand arena of furniture businesses around the world.
Business
Measures sought to boost Vietnam - Russia digital economic cooperation
The Vietnamese Embassy in Russia organised a seminar on April 19 on prospects for Vietnam-Russia digital economic cooperation, attracting over 100 delegates representing ministries, sectors, research institutes, and business associations of the two countries.
Business
Vietnam becomes biggest rice supplier for Singapore
Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore.
Business
Cooling equipment market heats up
Many electronics supermarkets in Hanoi have launched summer promotion programmes, reducing prices for cooling equipment such as air conditioners and fans, as the weather in the north of Vietnam has just begun to be hot and sunny.
Business
Vietnam an attractive destination for electronics, semiconductor investors: Official
Vietnam has strong infrastructure and research and development incentives as well as a skilled workforce, making it an attractive for “eagles” worldwide in the electronics and semiconductor industry, according to Deputy Minister of Planning and Investment Tran Duy Dong.
