Economy
Struggling with saltwater intrusion
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| Workers process fruit for export at the An Giang Fruit-Vegetables & Foodstuff Joint Stock Company. Viet Nam generated more than US$67.7 billion from exports in the first five months of this year, surging 6.6 per cent against the same period last year. – VNA/VNS Photo Trọng Đạt |
Viet Nam News
HÀ NỘI – The country generated more than US$67.7 billion from exports in the first five months of this year, surging 6.6 per cent against the same period last year, according to the General Statistics Office (GSO).
Of the sum, domestic enterprises contributed over $19.44 billion, up 3.9 per cent year-on-year, while the remainder of more than $48.26 billion came from foreign-funded firms, up 7.7 per cent year-on-year.
Key export products recording a strong increase in export value in the reviewed period included: vegetables and fruit, growing 53.7 per cent to $1 billion; telephones and their components, up 20.6 per cent to $14.4 billion; machines and equipment, with a rise of 16.2 per cent to $3.6 billion; and handbags, hats and umbrellas, up 12.1 per cent to $1.3 billion.
Other products with encouraging export growth were: rice, up 8.4 per cent; electronics, computer and parts, up 5.4 per cent; footwear, up 6 per cent; and seafood, up 5.6 per cent.
But the first five months saw significant reductions in export turnover of some major export items, such as: crude oil, slumping 49.2 per cent to $883 million; steel and iron, down 10.2 per cent to $649 million; and cassava, down 22.7 per cent.
The GSO also reported that from January to May, the value of national imports modestly decreased by 1 per cent year-on-year to above $66.34 billion, with $27.2 billion from domestic enterprises and $39.1 billion from foreign-funded businesses.
That resulted in a trade surplus of $1.36 billion in five months, lower than the $1.46 billion recorded during the same period last year.
The office said China remained Việt Nam’s largest import market. During the period, Việt Nam paid $19.2 billion for imports from China: five times and six times higher than figures from the EU and the US, respectively.
Việt Nam’s five-month import value from this neighboring nation also doubled that from ASEAN countries and tripled that from Japan.
Việt Nam has set the twin goals of fetching a total of $178 billion from exports by year-end, up 10 per cent from a year ago, and controlling trade deficit at 5 per cent.
Experts forecast that this will not prove a very difficult target, as export doors will be more open after some of the bilateral and multilateral free trade agreements recently signed by Việt Nam take effect. — VNS
