Vietnam
Vietnam’s exports up 17%, driven by FDI sector
Vietnam exports touched US$79.29 billion in the first five months of this year, representing a rise of 17.4 per cent over the same period last year

Vietnam exports touched US$79.29 billion in the first five months of this year, representing a rise of 17.4 per cent over the same period last year.
According to latest updates of the General Statistics Office (GSO), foreign direct investment (FDI) firms contributed more than 72 per cent to the country’s export revenue in the period and witnessed a rise of 19 per cent.
The FDI sector helped narrow the trade deficit run by the domestic sector, GSO said.
While the domestic sector ran a trade deficit of $10.36 billion, the FDI sector posed a surplus of $7.65 billion.
Overall, Vietnam ran a trade deficit of more than $2.7 billion, unchanged from the January-April period.
The United States remained the largest importer of Vietnamese goods with export revenue of $19 billion, up by 9.9 per cent. The European Union came the second with export value of $14.6 billion, up by 9.5 per cent.
China was the third largest importer of Vietnamese products with a whopping rise of 40.3 per cent in the five-month period.
Vietnam was heavily reliant on imports from China. In the first five months of this year, Việt Nam imported goods worth $22 billion from China, up 15.6 per cent, and ran a trade deficit of $11.5 billion with the country.
Vietnam ran the largest trade deficit with South Korea, at $12.9 billion, in the first five months, a 61.3 per cent increase over the same period last year.
According to GSO, major export products of Việt Nam in the period were mobile phones and parts with revenue of $16 billion (up 12 per cent), garments and textiles $9.4 per cent (up 9 per cent), electronics and components $9.4 billion (up 46.2 per cent) and footwear products $5.6 billion (up 10.5 per cent).
Pepper and cassava, however, witnessed a decline in export value of 16 per cent and 12.8 per cent, respectively, due to a slump in prices.
Vietnam mainly imported machinery and equipment, electronics, computer and parts, steel, plastics and chemicals.
Minister of Planning and Investment Nguyễn Chí Dũng said trade deficit was not very worrisome because the country mainly imported materials for production.
Dũng said to reduce trade deficit, Việt Nam would focus on boosting exports rather than reducing imports, especially to key markets such as the United States. – VNS
Vietnam
Foreign capital still heads to Vietnam
As many as 798 projects added a combined over 5.11 billion USD to their investment capital, down 23 percent year-on-year in project number but up 6.8 percent in value.

Hanoi (VNA) – The total amount of foreign investment poured into Vietnam this year to September 20 reached 21.2 billion USD, equivalent to 81.8 percent of the same period last year, reported the Ministry of Planning and Investment.
(more…)Trade
Why Vietnam Has Become a Promising Alternative for US Businesses in Asia
Vietnam Briefing discusses trends in the Vietnam-US relationship, growing economic ties, and how US businesses can leverage and benefit from moving their production to Vietnam.

Following four decades since the end of the Vietnam War, Vietnam’s relationship with the US has changed significantly.
(more…)Cambodia
CLMV’s economic growth crashes to two-decade low due to COVID-19
The COVID-19 crisis has caused the rate of economic growth in the CLMV bloc to be at its lowest in two decades, the CLMV economies could grow at 3.4 percent this year
-
Forex6 days ago
Leverage from Forex Brokers & How Beginners Can Benefit from It
-
National2 days ago
Human trafficking cases in Thailand hit decade low due to COVID-19
-
Banking4 days ago
Can Fintech drive a strong post-COVID-19 recovery in Asia?
-
Economics3 days ago
Thai economy to grow 4% in 2021 following 6.5% decline in 2020