VIETNAM BUSINESS NEWS MARCH 2
15:58
Vietnamese export,
import affected by Russia-Ukraine conflict The
prices of Vietnamese exports and imports, especially aquatic products and
fertilizers, have headed towards highs due to the conflict between Russia and
Ukraine. Nguyen Do Anh Tuan, head of the
Department of International Cooperation under the Ministry of Agriculture and
Rural Development, said Russia is a promising market of Vietnamese
agricultural products in terms of both export and import. The armed conflict will significantly
affect Vietnam’s export of farm products to Russia as well as its import from
the country in the short run, he stressed. In addition, the US, the European
Commission, the UK, Canada, France, Germany and Italy have announced the
removal of a number of Russian banks from the SWIFT messaging system, which
would hinder transactions in the time ahead. Economist Nguyen Minh Phong pointed
out difficulties in payment as a result of the conflict. However, Russia’s
demand for farm products would increase in the time ahead as the
Russia-Ukraine war has led to a supply crunch, which is a good opportunity
for Vietnam, he said. Vietnam may export agricultural
products to Russia at high prices if the Southeast Asian nation changes the
payment methods flexibly, the economist suggested. Phong also thought that Vietnamese
agricultural products can still access the Russian market, and Vietnamese
firms can even open production establishments in the country which has high
demand for farm produce, especially in the winter. Some domestic exporters said they are
also affected by the suspension of flights to Russia. Domestic gold prices climb to
all-time high of over VND67 mln/tael Gold bar prices in Vietnam skyrocketed
to more than VND67 million per tael, the highest recorded figure in history
on March 2 after nosediving to VND66 million per tael the previous day. At 9:25 a.m. on March 2, the Saigon
Gold and Jewelry Company quoted its SJC gold price at VND66.55 million per
tael for buying and VND67.35 million per tael for selling in Ho Chi Minh
City, and VND66.55 million per tael for buying and VND67.37 million per tael
for selling in Hanoi. These latest price changes represent
rises of VND1 million in terms of both buying and selling compared to March 1
transactions. Simultaneously, Phu Nhuan PNJ Company
listed each tael of SJC gold at between VND65.65 million and VND66.4 million
for buying and selling respectively. In the global market, the March 2
trading session witnessed gold prices hover at roughly US$1,945.8 per ounce,
an increase of US$37 per ounce from the previous day. Vietnam welcomes some new
policies in March New rules on real estate business,
registration fees for battery-driven electric cars, and the management of
product traceability are among the new policies of the government to take
effect from March. Decree No.02/2022/ND-CP dated January
6 is guiding the implementation of some regulations in the Law on Property
Trading. The regulation includes conditions for
businesses and individual property traders; types of contract models for real
estate businesses; transfer of house rental and buying contracts; and others. Also from March 1, the registration
fees for battery-driven electric cars are to be zero per cent within the next
three years following Decree No.10/2022/ND-CP issued on January 15. In the following two years, for the
first time of payment of the registration fee, the rate will be 50 per cent
of that applied for petrol-fueled cars with the same number of seats. Meanwhile, starting from March 15,
Decree No.13/2022/ND-CP dated January 21 will amend some regulations in
previous decrees guiding the Law on Product and Goods Quality and the Law on
Measurement. Accordingly, Decree 13 adds the
regulation on the management of product traceability. The Ministry of Science
and Technology will take responsibility for this issue. Establishment of steering
committee for international financial center in HCMC proposed The HCMC government has proposed the
prime minister establish a national steering committee to develop an
international financial center in the city led by a deputy prime minister. HCMC Chairman Phan Van Mai on March 1
sent a document on the progress of the center’s development to the prime
minister and the Ministry of Finance, Lao Dong newspaper reported. Accordingly, the national steering
committee should include leaders of the Ministries of Planning-Investment,
Finance, Justice, Natural Resources-Environment and Construction, the State
Bank of Vietnam, the State Securities Commission of Vietnam and the HCMC
government. The city has completed the draft plan
on the center’s development, clarifying the international financial center
model in HCMC, action plans and proposals on policies. In addition, the city held a seminar
to consult with experts and representatives of financial and economic
organizations and universities over the draft plan. The city will continue
improving the draft plan and work with the relevant ministries and agencies. The HCMC government expected to submit
the plan to the prime minister in April. Dat Xanh invests VND12.5
trillion in property project in Dong Nai Dat Xanh Group (DXG) has announced
that its subsidiary Ha An Real Estate Investment and Trading JSC would
conduct a project which will require an investment of VND12.5 trillion and
cover 152 hectares of land in Dong Nai Province. The director board of Dat Xanh has
assigned the general director of Ha An to negotiate and sign contracts
relating to the execution of the project. Earlier, DXG had approved the issuance
of a maximum of VND4 trillion worth of bonds this year. The group had later passed a
resolution to contribute an additional VND4 trillion to Ha An Real Estate
Investment and Trading JSC, raising its ownership at the subsidiary to nearly
VND12.8 trillion, or 99.99%. In addition, DXG has transferred
99.99% of its shares, valued at nearly VND2.5 trillion, in Hoi An Invest and
its entire capital, which is higher than VND255 billion, at Xuan Dinh Company
to Ha An. Over 1,650 Vietnamese firms
receive codes to export farm produce to China As of March 1, 1,656 Vietnamese firms
had received codes granted by China, enabling them to export farm produce and
food products to the Chinese market. According to the Vietnam Sanitary and
Phytosanitary Notification Authority and Enquiry Point (SPS Vietnam) under
the Ministry of Agriculture and Rural Development (MARD), as of March 1,
1,656 Vietnamese exporters with 1,776 products had received codes in line
with the new regulations on farming region supervision and origin tracking of
farm produce under Orders 248 and 249 of China. Of the total firms, 779 are exporters
of aquatic products, 187 are recommended to the Chinese side by the MARD's
Plant Protection Department, and 11 are milk producers. According to the SPS Vietnam, the
current biggest difficulty is the slow approval process of the General
Administration of Customs of China (GACC) without any regulation on the
duration for approving the issuance of codes for businesses. Crude oil, real estate drive
HCM City’s budget collection Surging crude oil prices and earnings
from real estate have pushed up Ho Chi Minh City’s state budget collection by
nearly 15 percent in the first two months of 2022, as compared with the
corresponding time last year. The municipal Statistics Office reported
that the southern economic hub collected some 88.04 trillion VND (3.85
billion USD) in January and February, completing 22.8 percent of the estimate
for the whole year. The city’s domestic collection reached
66.32 trillion VND, meeting 25.6 percent of the estimate and up 17.2 percent
year-on-year. Notably, the city earned 3.21 trillion
VND from crude oil in the months, a year-on-year rise of 77.7 percent; and
exports and imports amounted to 18.5 trillion VND, up 1.4 percent. Local budget revenue stood at 27.28
trillion VND, 16.2 percent of the estimate and up 79.2 percent from the same
period last year. Meanwhile, HCM City’s budget spending
decreased 39.6 percent to 5.78 trillion VND, or 5.8 percent of the estimate. Reference exchange rate down
4 VND on March 2 The State Bank of Vietnam set the
daily reference exchange for the US dollar at 23,133 VND/USD on March 2, down
4 VND from the previous day. With the current trading band of +/-3
percent, the ceiling rate applicable to commercial banks during the day is
23,827 VND/USD and the floor rate 22,439 VND/USD. The opening-hour rates at commercial
banks fluctuated in different directions. At 8:30am, Vietcombank listed the
buying rate at 22,645 VND/USD and the selling rate at 22,955 VND/USD, both up
5 VND from March 1. Meanwhile, BIDV raised the buying rate
by 10 VND to 22,675 VND/USD and reduced the selling rate by 25 VND to 22,955
VND/USD. U.S. becomes largest importer
of Vietnam’s agro-forestry-fishery products The United States surpassed China to
become the largest buyer of Vietnam’s agro-forestry-fishery products with a
total value of US$2.3 billion in the first two months of the year, making up
28.2%, according to the Ministry of Agriculture and Rural Development. In a report on the import-export of
agro-forestry-fishery products in February issued on March 1, Vietnam’s total
import-export revenue from agro-forestry-fishery products reached nearly
US$14.2 billion in the two months, up 15.8% year-on-year, including US$8
billion from exports and US$6.2 billion from imports. China was the second-largest importer
of Vietnam’s agro-forestry-fishery products with nearly US$1.3 billion,
followed by Japan with US$586 million and South Korea with US$376 million. Over the past many years, China has
always been the largest export market of Vietnam. Ample room to boost
Vietnamese coffee presence in Algeria There remains plenty of room to boost
Vietnamese coffee exports to Algeria, as coffee is the leading export item to
this market, according to the Vietnam Trade Office in Algeria. Algeria is a country that is unable to
grow its own coffee, meaning it has to import the product to fully meet
domestic demand. Every year sees the North African country import
approximately 130,000 tonnes of coffee beans of all kinds with a value of
US$300 million. Apart from green coffee, Vietnamese
enterprises can promote the export of processed and instant coffee with a
higher added value. Last year witnessed Vietnamese coffee
exports to Algeria surge by 6.3% to reach US$99.68 million, making up 65% of
the country’s total export value, according to the Vietnam Trade Office in
Algeria. Shrimp exports enjoy positive
growth in most major markets The opening months of the year saw
positive growth in terms of Vietnamese shrimp exports, with many local
businesses boosting production and fulfilling orders signed in late 2021. According to statistics compiled by
Vietnam Customs, shrimp export turnover in January reached over US$313
million, marking a rise of 43% over the same period from last year. Of the
figure, the export value in most major markets enjoyed positive growth. According to the Vietnam Association
of Seafood Exporters and Producers (VASEP), in January the export value of
white-leg shrimp hit nearly US$238 million, thereby marking a year-on-year
rise of 39%, while that of black tiger shrimp reached approximately US$43
million, up 92%. Among exported shrimp products, the export value of
processed black tiger shrimp witnessed the highest increase of 157%. According to local shrimp processing
enterprises, the nation’s flexible adaptation to COVID-19 indicates
optimistic signs for Vietnamese shrimp export activities in the coming year.
However, a lack of raw materials at the beginning of the year, coupled with
high sea freight rates and production costs, continue to represent great
challenges for local businesses. Vietnamese honey risks losing
US market due to high anti-dumping tariff The local beekeeping sector is at
risks of being negatively impacted in the event that the United States
imposes an anti-dumping tariff of up to 400%, according to industry insiders. This comes amid the US Department of
Commerce planning to apply its highest ever tariff rate of over 412% on raw
honey imported from the nation, which exports more than 85% of its honey to
the US market. The final conclusion on the
application of the tax rates is set to be issued by the US Department of
Commerce in April. Currently, there are roughly 35
Vietnamese companies exporting honey, with an annual turnover reaching
between US$70 million and US$100 million. NA chairman orders
supervision of Nghi Son Refinery’s finance National Assembly (NA) Chairman Vuong
Dinh Hue has asked agencies under the NA to supervise the finance of Nghi Son
Refinery and Petrochemical LLC and the domestic fuel supply. Specifically, the NA’s Finance and
Budget Committee was assigned to supervise the operation and financial
capacity of Nghi Son, the local media reported. The NA Chairman also asked NA’s
agencies to supervise the deployment of the NA’s Resolution 42/2021 which
allows the Vietnam Oil and Gas Group to use the after-tax profit to subsidize
Nghi Son’s products. The Government must report the subsidy to the NA
annually. The NA’s Finance-Budget and Economic
Committees were also asked to keep a close watch on the production and import
of fuels to ensure the fuel supply and stabilize the local fuel market. Tra fish prices hit
three-year high Tra fish prices soared to
VND30,000-VND32,000 per kilogram, the highest level since 2019, resulting in
tra fish farmers earning profits of VND5,000-VND7,000 for each kilogram sold. Many local farmers attributed the
price hike to a scarcity in tra fish supply, as many tra fish farming
households suspended operations after they suffered consecutive losses. Duong Nghia Quoc, chairman of the
Vietnam Pangasius Association, advised localities to control tra fish farming
areas, avoid raising the fish en masse and closely cooperating with local
exporters to prevent the oversupply of fish and the sharp drop in price. In 2022, the local tra fish sector
looks to produce over 1.6 million tons of tra fish products and achieve over
US$1.7 billion in export revenue. Disbursed public investment
capital close to 9% in two-month period Disbursed investment capital from the
State budget during the initial two months of the year stood at an estimated
VND46.3 trillion, equal to 8.8% of the year plan and growing by 10.4% over
the same period from 2021, according to data provided by the General
Statistics Office (GSO). Disbursed investment capital from the
State budget in February was estimated to be at VND20,500 billion, an
increase of 9.9% over the same period from last year. Most notably, disbursed investment
capital managed by the Government reached VND6,400 billion, equal to 6.4% of
the yearly plan, an increase of 10.1% over the same period last year. Disbursed investment capital managed
by localities hit a figure of VND39,900 billion, equivalent to 9.3% of the
year plan, up by 10.4% on-year. These banks have the most
extensive networks in Vietnam As of December 31, state-owned
commercial banks continued to hold the top spot when it comes to their branch
network. In terms of the number of branches,
Agribank has maintained its position as the biggest bank in the country with
939 locations (171 first-grade branches, 768 second-grade branches). Meanwhile, BIDV has 189 branches,
VietinBank has 155 branches, and Vietcombank has 89 branches. After the deal of MHB and BIDV in
2015, BIDV extended its nationwide network. Regarding private commercial banks,
Sacombank, boasting 109 branches, holds the top spot in the group. MB (99 branches), LienVietPostBank (76
branches), HDBank (72 branches), VPBank (66 branches), and MSB (62 branches)
are the next most popular banks in Vietnam. This is partially due to the
former deals between local banks, such as Sacombank and Southern Bank or
HDBank and Dai A Bank. DongA Bank has maintained its
nationwide network effectively despite being under special supervision of the
State Bank of Vietnam since 2015. Divestment plans at
State-owned enterprises attract little attention Among the 122 million shares of Lien
Viet Post Commercial Joint Stock Bank (LienVietPostBank or LPB) brought to
auction by the Vietnam Post on HNX recently, only 800 shares were registered
for purchase by a few individual investors. The recent auction of 35 million
shares of Binh Duong Trade And Development JSC (TDC) with a starting price of
VND27,900 per share was also regarded as a failure as only 50,000 shares were
sold to four individual investors. The auction of the capital portion of
the State Capital Investment Corporation (SCIC) at Chau Duc Urban Development
and Construction Joint Stock Company was also recently cancelled due to no
investors participating. NTP stock of Tien Phong Plastic JSC
has reached a price of approximately VND70,000 per share at the end of
January 2021 after SCIC announced a plan to divest capital in February, but
the divestment has not yet been confirmed and NTP shares have dropped 10 per
cent from its market price. Similarly, BMI shares of Bao Minh
Corporation also touched VND45,800 per share, but now are trading around
VND38,000 per share. At the end of last week, some
investors registered to buy shares of HUD1 Investment and Construction JSC
(HUD1) without carefully considering the health of this business. Interested
investors must register to buy the whole lot with a starting price of VND75
billion, equivalent to the market price of HUD1 being traded on the floor. The long-term capital contribution
investment with Dai Thien Loc Company of VND13 billion to implement the Lien
Bao-Bac Ninh project which has lasted since 2011 also faces potential risks
in terms of investment. Viet Nam's tuna exports up
strongly in January The tuna exports grew very strongly to
most of Viet Nam's major tuna export markets. Frozen tuna fillets were still the
main products in Viet Nam's tuna exports, accounting for more than 66 per
cent of total exports in January. Of which, Viet Nam saw a strong
increase in exported frozen tuna fillets and other processed tuna (mainly frozen
tuna loin) at 172 per cent and 278 per cent, respectively, over the same
period. The large export markets for
Vietnamese tuna products have had a strong recovery in consumption demand
when those opened after the COVID-19 vaccination campaign. They included the
US, Europe, Israel, Italy, Canada, Japan, CPTPP, Russia, Saudi Arabia and
Egypt. The US was still Viet Nam's largest
tuna export market in January with an export value of $44 million, up Low interest rates put
pressure on non-life insurers According to the current legal
regulations, non-life insurers have to use at least 70 per cent of their
capital to deposit at banks or buy government bonds to ensure the insurers’
capital safety. Therefore, the current low interest rates of the two channels
are a disadvantage for insurers to increase their profits. Besides, the insurers are not also
allowed to invest much in real estate and stock markets, which are forecast
to have positive growth in 2022, due to the control of the ratio in their
investment portfolios. According to Law on Insurance Business, non-life
insurers are allowed to spend a maximum of 35 per cent of their idle capital
from insurance reserves to invest in securities, corporate bonds, fund certificates,
capital contribution to other businesses; and a maximum of 10 per cent of
their idle capital in real estate. The two channels therefore will be
unlikely to account for a high proportion of the insurers’ total profits. Industry insiders said the key
solution to maintain stable profits for non-life insurers this year is still
to strictly control the compensation rate and increase effectiveness from
investment activities. CPI rises as food and fuel
spike The office said the increased CPI was
a result of rising global petrol prices and the after effect of the Tet
holiday, which typically raises prices due to a spike in demand. In the first two months of 2022, CPI
climbed by 1.68 per cent over the same period last year, and core inflation
by 0.67 per cent. In February, among the 11 commodity
and service baskets, 10 reported increases, with the highest seen in
transport. Meanwhile, prices of post and telecommunications declined by 0.04
per cent. The GSO pointed out that core
inflation in February rose by 0.49 per cent over the previous month, and by
0.68 per cent over the same period last year. In the first two months, core
inflation increased by 0.67 per cent year-on-year, lower than the general
average CPI, which reflects the fluctuation of consumer prices mainly due to
rising prices of food and fuel. Energy projects to be inspected The Government Inspectorate will
conduct a comprehensive examination of renewable power plants. According to a decision from the
government’s Deputy Inspector General Le Sy Bay, any projects under the Power
Development Plan (PDP) built between 2011 and 2021 will need to be looked at. The inspection will take 85 days,
focusing on the planning, management, and implementation of the schemes. This decision has been sent to the
people's committees of several provinces that have recently developed
renewable energy programmes. These facilities, especially solar
projects, have overloaded the power transmission system, limiting output,
reducing development potential, and damaging investors. New steering committee
suggested to resolve issues for supporting industries The government should establish a
national steering committee, headed by a deputy prime minister, to promptly
resolve problems and challenges facing supporting industries, according to
Nguyen Hoang, Vice Chairman of the Vietnam Association for Supporting
Industries (VASI). Local content by Vietnamese firms in
supporting industries remains low, according to Hoang, around 1 – 2 percent
in hi-tech industry, 5 – 20 percent in automobile, 15 – 20 percent in
mechanical engineering, 5 – 10 percent in electronics, and 30 percent in
footwear and garment-textile. As a result, Vietnam had to import
billions of USD worth of components for production annually, he stressed. The official further noted that just
0.2 percent of the nearly 1 million Vietnamese enterprises operate in
supporting industries, far below that of regional peers. Hoang recommended the government to
provide exclusive incentives in terms of funding for enterprises in
supporting industries and connect domestic producers with major international
corporations doing business in Vietnam to help them engage more deeply in
supply chains. Poor-performing State firms –
focus of restructuring: PM The restructuring of State-owned
enterprises should focus on poor-performing and loss-making firms, Prime
Minister Pham Minh Chinh has requested. A notice dated February 28 issued by
the Government’s Office regarding the PM’s conclusions at a Cabinet meeting
on the project on restructuring State businesses for 2021-2025 further said
that at the meeting, the leader stressed the need to consolidate
institutions, mechanisms and policies to ensure that State enterprises play a
key role in the national economy. The restructuring does not mean the
equitisation of businesses, the PM said, adding that more efforts are needed
to reform administrative procedures in order to accelerate the process,
divestment and restructuring of enterprises. He also ordered improving business
administration, taking solutions to effectively allocate State resources,
utilising such resources as capital, land and brands at businesses, closely
managing capital and assets of the State and enterprises in line with legal
regulations. Vietnam to import additional
petroleum and adjust tax Increasing petroleum imports and
raising related taxes is deemed an effective solution to offset the shortfall
in domestic output. By doing so, the retail selling price of gasoline is
hoped to be reduced. According to the latest decision
issued by the Ministry of Industry and Trade (MoIT), 10 petroleum retailers
and distributors will import an additional 2.4 million cubic metres of
petroleum in the second quarter of 2022. Of which, the volume of imported
gasoline amounts to 840,000 cu.m and oil to about 1.56 million cu.m. Importing distributors and retailers
include Petrolimex, PVOil, Hai Ha Waterway Transport Co., Ltd., and Hai Linh
Co., Ltd., among others. According to the MoIT, it is expected
that Nghi Son Oil Refinery will operate at 85 per cent of its capacity from
March 15 and at full capacity from April. However, the increase in imports in
the coming time is to ensure supply for the domestic market as global oil prices
are forecast to increase. Goertek commits additional
$306 million to its multimedia equipment project in Bac Ninh Goertek, one of three major suppliers
for Apple in Vietnam, has poured additional funds into its project in the
northern province of Bac Ninh. China-backed Goertek, the world’s
renowned supplier of acoustic components, has expanded its investment capital
by $306 million for its factory for electronic and multimedia equipment
located in Bac Ninh's Que Vo Industrial Park. This is the second biggest project the
company has undertaken since the start of 2022. Vietnam aims to complete five
crucial transport projects this term The government on March 1 held an
online meeting with cities and provinces about the pre-feasibility studies of
five key national transport projects. The projects are the Beltway 4-Hanoi,
the Beltway 3-Ho Chi Minh City, Chau Doc-Can Tho-Soc Trang Expressway, Khanh
Hoa-Buon Ma Thuot Expressway; and Bien Hoa-Vung Tau Expressway. Altogether,
they have a total length of over 500km. Chairing the meeting, Prime Minister
Pham Minh Chinh said infrastructure development, including transport
infrastructure, is one of the country’s three strategic pillars. The
government targets to have 2,000km of expressways in this term. Vietnam sets up steering
committee for 6G development Vietnam’s Ministry of Information and
Communications (MIC) has signed a decision on establishing a steering
committee for studying and developing 6G. Minister of Information and
Communications Nguyen Manh Hung is the leader of the steering committee;
Deputy Minister of MIC Pham Duc Long is its deputy head. The committee's
members include leaders of MIC departments and agencies, as well as its state
corporations like Viettel, VNPT, and MobiFone. The steering committee is to study and
submit to authorised agencies the orientation, strategy, and policies to
create a legal environment for developing 6G standards and applications, as
well as information security, production, and commercialisation of 6G devices
in Vietnam. The committee will also collect
studies and development standards from international organisations and
nations worldwide. From there, the committee can work on forecasts about
local and international telecoms market development, and then build a roadmap
for study, production, and commercialisation of 6G devices, a 6G pilot, and
supporting policies for Vietnamese firms. MPI recognises UOB for
supporting companies to invest nearly $3.7 billion The award was presented by the
Ministry of Planning and Investment (MPI) to UOB on February 26 in
recognition of the bank’s continued efforts in facilitating foreign direct
investment (FDI) flows into Vietnam and supporting companies in the country.
UOB is the first Singaporean bank to receive the award. Wee Ee Cheong, deputy chairman and CEO
at UOB, receives a certificate of merit from Do Nhat Hoang, director general
at the MPI 's Foreign Investment Agency in the presence of President Nguyen
Xuan Phuc UOB has helped more than 200 companies
from countries like Singapore, Malaysia, and China to invest in Vietnam since
signing an MoU with Vietnam’s Foreign Investment Agency in 2015. These companies have projected to
invest more than $3.39 billion and create more than 20,000 jobs in Vietnam. The bank is also set to facilitate a pipeline
of $2.43 billion potential investments from companies in sectors such as
manufacturing, technology, and consumer goods in the next three years. These
investments are expected to create another 13,000 jobs in Vietnam. Vietnam’s manufacturing
maintains growth momentum in Feb The Vietnamese manufacturing sector
remained in recovery mode in February, seeing growth accelerate further and
confidence maintained, according to the latest report of IHS Markit. The Vietnam Manufacturing Purchasing
Managers’ Index (PMI) posted 54.3 in February, up from 53.7 in January and
signaling a pick-up in growth for the fourth month running. Business conditions improved in each
of the past five months following the disruption caused by the Delta wave of
the Covid pandemic in 2021. The improving growth momentum overall
was again supported by stronger customer demand. New orders increased sharply
and the rate of expansion quickened to a 10-month high. Improving
international demand was also reported in February, leading to another marked
rise in exports. Vietnam posts US$2.3-billion
trade deficit in Feb as imports soar Vietnam incurred a trade deficit of
US$2.3 billion in February as imports grew faster than exports, according to
the General Statistics Office (GSO). Data of the GSO showed that in
February, exports rose 13.2% against the same period last year to US$22.95
billion, while imports surged 21.9% to US$25.28 billion. For the first two
months of the year, exports reached US$53.7 billion, a 10% year-on-year rise. The domestic sector got US$14.2
billion from exports, soaring 24 % year-on-year and accounting for 26.6% of
the total. The foreign-invested sector, including crude oil, fetched US$39.5
billion, rising 6% and accounting for 73.4%. On the other hand, Vietnam spent US$54.7
billion on imports, increasing 16% year-on-year. Imports of the domestic sector reached
US$18.2 billion, rising 17% year-on-year and making up 33% of the total,
while the foreign-invested sector imported goods worth US$36.4 billion,
increasing 15%. The United States was Vietnam’s
biggest export market, spending some US$18.3 billion on Vietnamese goods.
Meanwhile, China was Vietnam’s largest supplier, exporting goods worth
US$20.8 billion to Vietnam. Source: VNA/SGT/VOV/VNS/VIR/VGP/SGGP |
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