Want to be in the loop?
subscribe to
our notification
Business News
TRADE SURPLUS EXCEEDS US$8 BILLION IN Q1
Viet Nam ran a trade surplus of US$8.08 billion in the first three months of 2024, according to the General Statistics Office (GSO).
Viet Nam's trade with the rest of the world was estimated at US$65.09 billion in March, an increase of 35.6 percent against the previous month and up 12 percent against the same period last year, the GSO said Friday.
In the first quarter, the country's trade volume totalled US$178.04 billion, a year-on-year increase of 15.5 percent, of which export turnover rose by 17 percent to US$93.06 billion while imports grew 13.9 percent to US$84.98 billion.
In the reviewed period, 16 export items earned over US$1 billion each, accounting for 82.1 percent of total export turnover.
The U.S. was the largest importer of Viet Nam by spending US$26.2 billion, followed by China with US$29.4 billion.
Viet Nam posted a trade surplus of US$8.08 billion in the first quarter compared to US$4.93 billion of the same period last year. The domestic sector reported a trade deficit of US$4.49 billion while the FDI sector ran a trade surplus of US$12.57 billion.
The Southeast Asian country ran a trade surplus with its key partners including US$22.7 billion with the U.S (up 27.9 percent), US$8.2 billion with the EU, up 15.8 percent, and US$50 million with Japan, down 27.7 percent.
Meanwhile, the country suffered a trade deficit of US$16.7 billion with China, up 44.4 percent, US$6.2 billion with South Korea, down 3.5 percent and US$2.2 billion with ASEAN, up 10.9 percent.
Source: VCCI
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
EXPLORE HONG KONG WITH A COMPANION
From now until 19 August 2024, you can enjoy our exclusive Fly 2 Hong Kong offer on round-trip Economy flights from USD364^ for 2 persons, sponsored by Hong Kong International Airport. Bring along a travel buddy and experience together the excitement and charm of our vibrant home city.
![Card image cap](/uploads/news/Factory%201.jpg)
BUSINESSES INCREASE WISHES FOR SPECIALISED INDUSTRIAL PARKS
Data centres, industrial parks (IPs) reserved for high-tech production, and parks serving Chinese, the United States, Taiwanese, or Japanese investors are gradually being formed to welcome new funding waves, according to Truong An Duong, general manager of North Vietnam and Residential at Frasers Property Vietnam.
![Card image cap](/uploads/news/economic.jpg)
VIETNAM’S H1 ECONOMIC GROWTH QUITE IMPRESSIVE: ADB COUNTRY DIRECTOR
Country Director of the Asian Development Bank (ADB) for Vietnam Shantanu Chakraborty has expressed his impression of the Southeast Asian nation’s economic growth of 6.4 per cent in the first half of this year. The growth was mainly driven by strong trade recovery, where export grew by 14.5 per cent and import by 17 per cent over last year, he told the Vietnam News Agency. However, he said, the domestic segment remained sluggish.
![Card image cap](/uploads/news/Infrastructure13.jpg)
REAL ESTATE FIRMS AGGRESSIVELY RESTRUCTURING BOND DEBT
From the start of 2024 to July 5, the market saw 133 private placements and ten bond public offerings, totalling over VNĐ140 trillion. 65.6 per cent of this value was from the banking sector, while real estate bonds accounted for only 24.6 per cent, or over VNĐ34.5 trillion.
![Card image cap](/uploads/news/Eco2.jpg)
GOV’T UNVEILS ACTION PLAN TO ACCELERATE INDUSTRIALISATION
Vietnam aspires to become among the top three industrial powerhouses in ASEAN, with the industrial sector contributing over 40 per cent to GDP. The manufacturing and processing sector is expected to account for around 30 per cent of GDP, with a strong emphasis on high-tech products aiming for over 45 per cent of the sector's value. To further drive the economy, the service sector is projected to contribute over 50 per cent to GDP, with tourism alone generating 14-15 per cent.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).