Institutional improvements have been promoted to create a favorable legal corridor for import, export activities Satisfactory results Phan Van Chinh said that in the first 11 months of 2018, Vietnam exported more than US$223.6 billion worth of goods, 14 percent more than during the same period last year, and the export value is expected to reach US$245 billion by year’s end, up 15.4 percent compared with 2017. This export value is expected to yield a trade surplus of about US$5.9 billion. Earlier this year, the National Assembly and the government assigned the industry and trade sector to increase the annual export value by 7-8 percent and curb the trade deficit to below three percent of the export value. According to Nguyen Thi Mai Linh, head of the Foreign Trade Agency’s Agro-Forestry-Fishery Import, Export Division, 26 kinds of goods surpassed the billion-dollar export value in the first 11 months. “Notably, major contributions to the export value growth … [Read more...] about Foreign trade results to exceed forecasts
China foreign trade
At Mong Cai international border gate (Source: VNA) According to Circular No 19/2018/TT-NHNN issued by the State Bank of Vietnam on August 28, which will take effect from October 12 this year, the Chinese yuan will be allowed for payment in the border areas between Vietnam and China. Besides the yuan, traders and residents in the border areas of Vietnam and China, can also use Vietnamese dong or fully convertible currencies, such as the US dollar, Euro or Yen, for payment of goods and services. In addition to individuals, some other organisations will be subject to the new regulation. They include commercial banks and branches of foreign banks licensed to conduct foreign exchange transactions in Vietnam; branches of banks located in border areas and border-gate economic zones of Viet Nam and China; organisations trading in duty-free goods; organisations providing services in isolated areas at international border gates; organisations engaged in bonded warehouses in border … [Read more...] about New circular to help boost Vietnam-China border trade
Talks end with China warning trade benefits at risk if U.S. imposes tariffs U.S. Commerce Secretary Wilbur Ross (C,L), chats with Chinese Vice Premier Liu He, center, during a group photograph session after their meeting at the Diaoyutai State Guesthouse in Beijing, China Sunday, Jun 3, 2018 - PHOTO: REUTERS BEIJING (REUTERS) - China warned the United States on Sunday that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures, as the two ended their latest round of talks in Beijing. A short statement, carried by the official Xinhua news agency, made no mention of any specific new agreements after U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He. It referred instead to a consensus they reached last month in Washington, when China agreed to significantly increase its purchases of U.S. goods and services. "To implement the consensus reached in Washington, the two sides have … [Read more...] about Talks end with China warning trade benefits at risk if U.S. imposes tariffs
(VEN) - Total value of foreign trade reached an estimated US$107.32 billion in the first quarter of this year, a rise of 17.7 percent compared with the same period in 2017. Favorable conditions exist for Vietnam to boost rice exports US$1.3 billion trade surplus In March, the export value reached an estimated US$19.8 billion, up 38.2 percent compared with February. In the first three months, the export value reached US$54.3 billion, 22 percent higher compared with the same period last year. Major contributions to this export growth came from key products, such as telephones and components, textiles and garments, computers, electronic products and components, iron and steel, and cameras. According to Vietnam Steel Association Vice President Nguyen Van Sua, steel sales in the first quarter grew 16-18 percent compared with the same period last year, with export value reaching an estimated US$949 million, up 43.3 percent. The import value reached US$19 billion … [Read more...] about Q1 foreign trade soars
VietNamNet Bridge - Vietnam has one of the highest proportions of import/export turnover to GDP in the region, over 180 percent. The growth of import/export turnover is considered an important target Analysts and policymakers point to the close relations between foreign trade and economic growth, saying that the growth of import/export turnover is considered one of the most important targets by the National Assembly. Vietnam’s proportion of import/export turnover to GDP is higher than the 120 percent of Thailand and Malaysia, and higher than the 40 percent of China, which has been the fastest growing economy in the world in the last four decades. Pham Van Dai, an analyst, in his article in Thoi Bao Kinh Te Sai Gon, pointed out that Vietnam is an outsourcing economy with limited domestic input materials (mostly natural resources such as land, water sources, minerals and cheap labor force). RELATED NEWS Oil & gas loses the ‘throne’ as the biggest … [Read more...] about What is a suitable growth rate of foreign trade for Vietnam?