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Vietnam anticipates US$500 mln trade surplus in 2014Monday, July 14, 2014 > 08:48:21
The trade sector has worked out a number of solutions aiming to boost exports and produce a trade surplus of US$500 million by the end of the year, the Ministry of Industry and Trade (MoIT) reports.
The country expects to rake in US$146 billion from exports this year, an annual rise of 10.6%. Its imports are likely to jump 10.2% to US$145.5 billion.
Despite incurring a US$200 million trade deficit in June, Vietnam still managed a respectable export surplus of US$1.32 billion in the first half of the year.
Nguyen Tien Vy, head of the MoIT’s Planning Department, said at an online meeting on July 7 that the country’s gross exports were US$12.1 billion in June, bringing the six-month export value to US$70.88 billion, an increase of 14.9% over the same period last year.
Of the figure, the domestic sector made up US$23.053 billion, up 11.5%, while foreign invested enterprises (FIEs) accounted for US$43.75 billion, up 17.2%.
Thirteen products fetching export earnings of more than US$1 billion each include mobile phone handsets and components; garments; footwear; computers; electronics and components; machinery, equipment, and tools; crude oil, seafood, wood and timber products; means of transport and spare parts; coffee; rice; bags, suitcases, hats and umbrellas; and fibres and textile.
In the reviewed period, markets across the board experienced growth, including America (up 23.6%), Asia (11%), Europe (10.8%), Africa (10.4%) and Oceania (30.8%).
MoIT statistics showed that in May and June, export prices of agricultural products, such as vegetable and fruits, rice and rubber to China dropped slightly by 2.5-7.8%.
Meanwhile, striking a trade balance with China remain a big challenge to Vietnam which ran a huge trade deficit of around US$13.057 billion with its neighbour in the first half of this year (up 10.1%).
Major imported products from China include machinery, equipment, materials and fuel for infrastructure development, domestic production and outsourcing for exports.
To fulfill the US$146 billion export earnings target set for this year, businesses are advised to make full use of free trade agreements (FTAs) and renovate technology so as to boost exports and reduce import surplus.