VN imports of US goods shoot up

Việt Nam is importing more and more goods and materials from the US, especially cotton. — Photo saigondautu.com.vn

HCM CITY — Vietnamese imports of US consumer goods and feedstock in the first seven months has shot up from the same period last year.

According to the General Department of Customs, the imports were worth US$8.27 billion, 18 per cent up year-on-year.

Computers and electronics accounted for around $2.2 billion of them, nearly 49 per cent up, and raw cotton for $978 million, 14.1 per cent up.

Other major imports included raw plastic, machine parts, animal feed and textile and garment intermediate goods.

Last year the textile and garment industry imported around US$3 billion worth of raw cotton, $1.47 billion of it from the US due to its high quality.

Online newspaper baodautu.vn quoted Trần Thanh Hải, deputy head of the Ministry of Industry and Trade’s import-export department, as saying there has been rapid growth in imports from the US, especially agricultural produce and electronics, and this is expected to accelerate even further.

Việt Nam imported $13 billion worth of materials and products from the US in 2018. — VNS

Việt Nam needs development of green products exported to UK

Economy

UK’s carbon tax to affect VN exports

Economy

Việt Nam expects to officially export passion fruit to the US next year

Economy

VN faced with increasing trade defence investigations on rising protectionism

Economy

Experts point out economic growth drivers, challenges for next year

Economy

Thái Nguyên supports businesses to take advantage of UKVFTA to expand exports to UK

More on this story

Economy

State Financial funds should be restructured for efficiency

The operation of some State financial funds have overlapped with the State Budget in terms of purpose and tasks, experts have warned.

Economy

MoIT to set 'Made in Việt Nam' criteria

‘Made in Việt Nam’ products are required to have a localisation rate of 30 per cent and be partly produced in Việt Nam.

Economy

Keep an eye on core inflation: analysts

Some experts have said recently there is an excessive money supply in the economy. They pointed to core inflation of 1.96 per cent year-on-year in June this year, warning this is the correct measure of prices rather than headline inflation, which most people follow in the country.

Economy

Gold market demand quiet despite recent strong gains

Gold prices on global markets have made strong gains in the past two months, but investors with short-term appetite seem uninterested in gold.

Economy

Bad debts on the rise in H1 2019

Though many banks have posted positive profits in the first half of 2019, their bad debts have continually increased in the wake of high credit growth in risky business segments.

Economy

Vietnamese businesses urged to join circular economy

Vietnamese businesses cannot stand outside the circular economy, especially in the context of global economic integration with commitments on ecological and environmental safety standards through free trade agreements.

Economy

Industrial production gains stable growth in seven months

Việt Nam’s index of industrial production (IIP) rose by 9.4 per cent year-on-year in the first seven months of this year, according to the General Statistics Office (GSO).