HCM CITY (VNS)— Viet Nam's activity indicators continued to show slow but steady improvement in February, with foreign direct investment rising steadily, ANZ said in a report.
The external position remained robust since FDI continued to be the bulwark of the economy.
As of February some 122 projects worth US$830.9 million have been licensed, while 41 existing projects added $708.8 million to their investment.
The country posted a small trade surplus of $244 million. Preliminary figures from customs show a year-on-year increase in exports and imports of 34.3 per cent and 49.2 per cent respectively, reflecting distortions caused by Tet (the Lunar New Year) celebrations in February.
In February alone there was a trade deficit of $1.2b, offsetting the revised trade surplus of $1.44billion in January.
Considering the steady flow of FDI into the manufacturing sector, exports and imports would continue to rise together, benefitting from the improvement in developed economies.
Industrial production (IP) rose by 7.9 per cent in January-February. Manufacturing, which accounts for 70 per cent of the IP index, remained solid.
But despite muted domestic consumption, IP continued to benefit from FDI-related export production. — VNS