Business

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.
Vietnam’s trade deficit with China drops ảnh 1Customs 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

VNA
#trade decifit #2016 first quarter #export value #import value China Vietnam
Follow VietnamPlus

Related News

See more

Prime Minister Pham Minh Chinh (right) and Associate Vice-President of IFAD’s Department for Country Operations Donal Brown (Photo: VNA)

PM seeks IFAD’s support for Vietnam’s carbon credit market development

Highlighting the country's commitment to developing green and sustainable agriculture, PM Chinh requested IFAD to increase preferential loans and promote non-refundable aid for projects applying scientific and technological innovations in agriculture, while helping Vietnam successfully carry out the one million hectares of low-emission, high-quality rice project.

At the discussion on "Revitalising and Unleasing Finance Strategy for Global Green Growth". (Photo: VNA)

Green growth – an irreversible global trend: P4G discussions

Ministerial discussions were held on April 17 within the framework of the 4th Partnership for Green Growth and the Global Goals 2030 (P4G) Summit, bringing together domestic and international officials to address critical aspects of sustainable development and green transition.

The first commercial vessel officially docks at Berths 3 and 4 at the Hai Phong International Gateway Port in the northern city of Hai Phong on April 16. (Photo: VNA)

First commercial ship docks at new berths in Hai Phong

The official launching of terminals marks Hai Phong Port’s regional leading ability in port operations and reaffirms Hai Phong Port JSC’s key role in the North. Once HTIT is fully operational, Hai Phong Port’s market share in container cargo in the region is expected to reach 40%, and 60% for non-container cargo in the Hai Phong area.

Containers of export goods at a port in Binh Duong province. (Photo: VNA)

Vietnam to develop trade defence early warning system

Part of a new Government decree, the early warning system aims to provide timely information to businesses and industry associations, enabling them to take preventive measures and prepare appropriate responses.

Deputy PM Nguyen Chi Dung (R) receives a delegation from the Southeast Asia Semiconductor Association in Hanoi on April 16. (Photo: VNA)

Deputy PM calls for SEMI SEA’s assistance in semiconductor, AI industry

The Deputy PM revealed that Vietnam is intensifying efforts to achieve its goal of training 50,000 engineers for the semiconductor industry by 2030, requesting SEMI SEA and its member companies coordinate with Vietnam's Ministry of Finance and the National Innovation Centre (NIC) to implement this training programme.

Ambassador Dinh Toan Thang (R) and Bertrand Gaume, Prefect of the Hauts-de-France region. (Photo: VNA)

Vietnam eyes stronger trade, investment links with France's northern region

Ambassador Dinh Toan Thang stressed that Hauts-de-France, with its robust industrial base, well-developed seaport and logistics networks, and open investment environment, represents a highly promising partner for Vietnamese localities and businesses aiming to deepen integration into the European Union market.