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Vietnam enjoys US$2.59b trade surplus PDF Print
Friday, 06 January 2017 11:00

VIETRADE – Vietnam recorded a trade surplus of US$2.59 billion from the beginning of 2016 until December 15, according to the General Department of Customs.


During the reviewed period, the country’s total trade value topped US$333.06 billion, a year on year increase of 6.4%, the department said.


The national export value in the period rose by 8.5% year-on-year to US$167.83 billion, including US$7.9 billion in the first half of December that reduced by 7.2% against the same period of November.


Of which, foreign invested enterprises, which accounted for 70.3% of the national export value, experienced a yearly export value rise of 11.5% to US$117.99 billion.


Among products recording growth in export value from January 1 to December 15, including textile and garments (1.5%), vegetable and fruits (19.8%), rice (43%) and coffee (24.5%).


Meanwhile, some others at the same period faced reduction in export value, such as transport vehicles and their components (20.1%), crude oil (55.1%), equipment, machines, components and tools (12.7%), telephone and its components (16%).


The department noted that Vietnam imported US$165.23 billion worth of goods from January 1 to December 15, surging 4.3% against the same period of last year. Of which, the total import value in the first half of December was US$8.19 billion, a modest reduction of 1 per cent compared with the first half of November.


Foreign invested enterprises saw a year-on-year surge of 4.5% in total import value at US$97.52 billion during the period.


Products witnessing import increase included maize (68.8%), soy beans (four times) and machines, equipment and components (3.2%). However, other products saw reduction in import value, such as wheat (50.3%), animal feed and material for animal feed (18.6%).


According to trade experts, Vietnam should reform the structure of export goods and increase quality of export products to strive for sustainable exports and increase its value in the time to come.


Besides improving the export of local enterprises, they said, the country should diversify its export products, and seek out other goods with a potential to increase export value in a bid to avoid dependence on some key products.


Not only new products, Vietnam should also seek new export markets. The country has signed many bilateral and multilateral free trade agreements so it would have more favorable opportunities to expand its export markets, they said.


The industry and trade sector should have solutions in place to create more reasonable changes in the structure of export goods, and usher in more investment for the creation of brands. This would increase value of export items.


Furthermore, it was also important for local enterprises to draw up long-term strategies in building brands based on production cost and quality while sharpen their competitiveness in the global markets, they emphasized./.

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