Friday, April 3 2020


VN records $1.8b trade deficit

Update: March, 27/2015 - 09:29

Cargo is loaded at Tien Sa Port in central Da Nang City. Viet Nam recorded a trade deficit of US$1.8 billion in the first three months. — VNA/VNS Photo Van Son

HA NOI (VNS) — Viet Nam recorded a trade deficit of US$1.8 billion in the first three months of this year, accounting for 9 per cent over the total export-import turnover.

Of those, the foreign direct investment (FDI) sector, including crude oil, had a trade surplus of $2 billion. Domestic enterprises had a trade deficit of $3.8 billion.

The figure was released by the Ministry of Planning and Investment on Wednesday.

Export turnover for the first quarter was evaluated at nearly $35.7 billion, a year-on-year increase of 6.9 per cent.

FDI sector exports excluding crude oil, reached $24.02 billion, increasing by 16.2 per cent compared with the same period last year and accounting for 67.5 per cent of total export turnover.

FDI sector exports including crude oil, reached $25.08 billion, a 12.9 per cent increase.

Domestic enterprises' export value reached $10.6 billion, decreasing by 5.1 per cent.

Telephones and components, garments and textiles were key export commodities in the first quarter with export values of $6.67 billion and $4.75 billion, respectively.

Crude oil's export value fell by 31.2 per cent with 1.063 million tonnes. Coal exports reached 609,000 tonnes, decreasing by 78.6 per cent.

Total import turnover in the first quarter was estimated at $37.5 billion, a year-on-year increase of 16.3 per cent. Of those, the FDI sector overwhelmingly imported $23.1 billion and domestic firms imported $14.4 billion.

Bui Thu Thuy, deputy director of the ministry's Agency for Enterprise Development told Tuoi Tre (Youth) newspaper that export turnover in the FDI sector accounted for nearly 70 per cent of the total export turnover. It showed that domestic enterprises are still facing difficulties accessing the export market.

She also said it was concerning that more than 80 per cent of domestic enterprises didn't know about impending free trade agreements.

Small enterprises, which account for more than 97 per cent of domestic enterprises, might be difficult to inform, she said. — VNS

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