Vietnam’s export turnover hits 79.3 billion USD in five months
Wednesday, June 7,2017AsemconnectVietnam - Vietnam exported about 79.3 billion USD worth of commodities in the first five months of 2017, an increase of 17.4 percent from the same period last year.
According to the Agency for Foreign Trade under the Ministry of Trade and Industry (MoTI), the US remained the country’s largest buyer, followed by the EU, China, ASEAN, Japan and the Republic of Korea.
The trade deficit hit 2.7 billion USD, accounting for 3.4 percent of the export turnover, raising concerns that continuous trade deficit for months might harm the economy.
But many economists believed the trade deficit was still within an acceptable level and it is normal for a developing economy like Vietnam while the country integrates more deeply into the global trade and joins free trade agreements. Furthermore, domestic production has rebounded, motivating imports.
To gain trade balance, the MoTI plans to tighten control on goods of which imports are not encouraged and facilitate local manufacturing of similar items.
It may also use trade remedies against several imported goods to encourage consumption of made-in-Vietnam products.
The trade deficit hit 2.7 billion USD, accounting for 3.4 percent of the export turnover, raising concerns that continuous trade deficit for months might harm the economy.
But many economists believed the trade deficit was still within an acceptable level and it is normal for a developing economy like Vietnam while the country integrates more deeply into the global trade and joins free trade agreements. Furthermore, domestic production has rebounded, motivating imports.
To gain trade balance, the MoTI plans to tighten control on goods of which imports are not encouraged and facilitate local manufacturing of similar items.
It may also use trade remedies against several imported goods to encourage consumption of made-in-Vietnam products.
Source: Vietnamplus.vn
Vietnam's coffee exports slow in Q1 as domestic prices rise
Vietnamese businesses updated on India’s new foreign trade policy
Reference exchange rate up 2 VND on April 7
Bac Giang hastens public investment projects, industrial parks
Bac Giang province boosts farm produce sales
Resolution on oil, gas sector to fuel Ba Ria - Vung Tau’s growth
Vietnam eyes 30 billion USD in food, food stuff exports annually
Vietnam exports 1.7 million tonnes of rice in Q1
DAILY: Vietnamese pepper prices remained unchanged on April 7
DAILY: Vietnamese coffee prices decreased by 300 VND on April 7
Industrial production index fell in Q1
Labour market continues recovering in Q1
Rice market update: Vietnam's ST25 rice exported to the Republic of Vanuatu
DAILY: Vietnamese pepper prices remained unchanged on April 6
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...