GARMENT SECTOR EXPECTING BIG FOURTH QUARTER

Nguyen Tien Vy, director of the Ministry of Industry and Trades Planning Department told an online meeting held in Ha Noi yesterday that the textile output last month reached 32 million sq.m, posting an 8 per cent year-on-year increase.

In the first 10 months of the year, the output of natural fabric was estimated at 259 million sq.m, increasing 1.9 per cent over the same period last year while that of synthetic fabrics was 547 million sq.m, reducing 5.6 per cent from the corresponding period last year.

The export turnover of garments and textiles last month was US$2.2 billion, representing a 13.6 per cent rise from the same period last year. The turnover from January to October posted a 10.4 per cent year-on-year increase to 20 per cent.

Vy said the ministry has asked relevant agencies to take drastic measures to resolve difficulties for businesses in the sector while seeking new markets, partners and orders. In addition, it has implemented measures to improve the business environment.

However, he said Viet Nam would find it hard to achieve this years export growth target of 10 per cent due to the decreasing prices of several export products.

Viet Nams trade deficit through the end of October this year increased to $4.1 billion from $3.9 billion in the first nine months.

During the first 10 months, the total export value gained a year-on-year surge of 8.5 per cent to $134.6 billion, while the total import value had a year-on-year increase of 14.3 per cent to 138.7 billion.

"The country should strive to reach the export turnover of $15.2 billion each in the last two months of the year as total turnover in the 10-month period was only $134.6 billion or 82 per cent of the whole years target," he added.

Tran Thanh Hai, deputy head of the Import-Export Department said the ministry has promulgated the Directive No 17/BCT to control trade deficit to less than five per cent.

PetroVietnam results

Viet Nam National Oil and Gas Group (PetroVietnam) reported a revenue of VNÐ463 trillion ($20 billion) in the first 10 months of the year, meeting 64 per cent of the whole years target.

The groups contribution to the State budget was 29 per cent lower in comparison with the same period last year.

The reason for the decrease was the sharp reduction in oil prices. The average oil price from January to October was $56.3 a barrel, reducing 48 per cent from last year. The current oil price is $46 to $48 a barrel.

Ðo Chi Thanh, PetroVietnams deputy general director, said the group surpassed almost all of its set targets in the period.

Ending October, PetroVietnam total output was 24.44 million tonnes of oil equivalent (TOE) which was 14.4 per cent higher than its target for the period. Of the figure, crude oil output rose to nearly 15.63 million tonnes, up 9.8 per cent year-on-year. Gas output reached 8.8 billion cu.m, posting 5.7 increase in comparison with the corresponding period last year.

"PetroVietnam surpassed the output target of 1 million tonnes of crude oil for the whole year. In the first 10 months of the year, the total output was 1.81 million tonnes," Thanh said.

He said its electricity production was 98 per cent of the set target.

Coal supply to electricity

Nguyen Van Bin, deputy general director of the Viet Nam National Coal and Mineral Industries Group (Vinacomin) said it is expected that coal supply to power production would increase to five million tonnes next year.

A report from the ministry showed that last month, coal output reached 4.1 million tonnes, posting a 6.7 per cent increase from last year. In the first 10 months of the year, total coal output was 34.6 million tonnes or 5 per cent rise from the same period last year.

Coal consumption in the period was estimated at 29 million tonnes, representing an increase of 2.3 per cent in comparison with the corresponding period last year.

Bin said Vinacomins consumption in October was faced with difficulties due to the flood. The group would have to produce three million tonnes of coal each month to meet the set target this year.

Its revenue was 3 per cent lower than the same period last year despite the increasing output.

The ministry has reviewed all issues related to the planning of coal supply for electricity production in the near future.

Source: VIR