Trade surplus

Vietnam’s 2020 export revenue as of August 15 rose 1.8% , reaching US$160.2 billion while imports were estimated at US$150.2 billion, latest customs data has shown. Vietnam has recorded a trade surplus of US$10 billion. That means the country registered a trade surplus of US$10 billion. In the first half of August, Vietnam exported US$12.7 billion worth of goods and imported US$10.8 billion, according to the General Department of Customs. It is worth noting that Vietnam’s export activity has seen signs of a rebound recently. With US$24.87 billion worth of exports, July was the second best-performing month, behind August of 2019, and Vietnam’s exports continues to maintain momentum this month. Top export earners in the first half of August include mobile phones (US$2.58 billion), computers and electronics (US$1.9 billion), textiles (US$1.36 billion), machinery (US$1.11 billion) and footwear (US$652 million). Conversely, Vietnam’s main … [Read more...] about Vietnam’s exports recover as trade surplus hits US$10 billion

It is likely that the trade balance would return to positive in the coming months as exports normally go up in the final months of the year. Vietnam’s US$2-billion trade deficit in May would not be a concern as the majority of goods and products imported are for production or export. Deputy Minister of Industry and Trade Do Thang Hai made the statement in a press conference on May 17. Overview of the press conference. Source: MoIT Data from the Ministry of Industry and Trade (MoIT) revealed in the first five months of this year, Vietnam’s exports surged by 31% year-on-year to US$131 billion, while imports also rose by 37% to US$131.6 billion. A trade deficit of US$2 billion in May has resulted in a deficit of US$370 million for the five-month period, which is a stark contrast of a surplus of US$1.63 billion recorded in the January-April period. “There is no abnormality in these figures, as up to 90% of products imported to Vietnam are input materials for … [Read more...] about Deputy trade minister refutes concern over Vietnam trade deficit

Vietnam’s digital economy presents chances for investors, start-ups The newswire techwireasia.com on June 16 ran an article saying that Vietnam has been steadily growing its highly promising digital economy, presenting multiple opportunities for investors, startups, and businesses alike. The author wrote that in recent years, the Southeast Asian region has been seeing rapid and sustained efforts and investment into various digital economy initiatives by both the public and private sectors. Tech giants have been creating waves, most recently the Tokopedia-Gojek merger, and earlier, Grab pushing for a US listing with a valuation of over 40 billion USD. Estimates by Google, Temasek, and Bain & Co predicted that the Vietnamese sector could grow to 52 billion USD by 2025, which comes up to about a sixth of the massive 300 billion USD regional digital economy pie. According to the article, backed by a stable political climate, progressive economic policies, and … [Read more...] about VIETNAM BUSINESS NEWS JUNE 18

Monetary policies: highlights of early 2021 By Pham Minh Consistently low interbank interest rates since the start of 2020 (except on a few days, when an unexpected drop in liquidity pushes up interest rates) have enabled banks to keep deposit and lending interest rates manageable to boost production and investment - PHOTO: TRAN NGOC LINH The State Bank of Vietnam (SBV) has loosened monetary policies since the start of this year to fuel growth as macroeconomic fundamentals remain favorable. Maintaining the values of key interest rates and sustaining policies aimed at supporting enterprises battered by Covid-19 are among the highlights of monetary policies in 2021. Monetary policy management is inextricably tied with macroeconomic fundamentals. It is therefore important to review these factors as a necessary condition for policymaking of the SVB, the central bank. Two key variables, inflation and the exchange rate, were rather encouraging in the first four months of … [Read more...] about Monetary policies: highlights of early 2021