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Frozen shrimp production at a factory in the Mekong Delta province of Hau Giang. (Photo: VNA) HCM City (VNA) – Vietnam’s aquatic exports spiked 40% year-on-year to reach nearly 5.8 billion USD in the first half of 2022, the Vietnamese Association of Seafood Exporters and Producers (VASEP) has reported. The country earned more than 3.2 billion USD from aquatic exports in the second quarter of 2022, an increase of 36% from the same period last year. According to VASEP, shipments of shrimp picked up 7% – a quite modest pace – to total 450 million USD as a result of input shortages. Though, the sector experienced a strong growth of 33% in H1 to bring home 2.3 billion USD, accounting for 40% of the total seafood exports. Several producers have raised the shipments of high value-added processed shrimp products, instead of raw ones, to major markets like Japan, the US and the EU as a way to address input shortages. Exports of lobster posted a record-high 30-fold surge … [Read more...] about Aquatic exports spike 40% in H1

The factory of the Far Eastern New Apparel Vietnam Co. Ltd in Bac Dong Phu Industrial Park of Binh Phuoc province (Photo: VNA) Binh Phuoc (VNA) – Binh Phuoc , a province in the southern key economic region , recorded a trade surplus of nearly 700 million USD in first half of 2022, according to the provincial People’s Committee. The administration said thanks to proactive moves to ensure material supply for manufacturing and diversify export markets, local businesses have maintained the strong recovery trend and enjoyed good exports growth. They exported over 1.95 billion USD worth of goods in H1, rising 23.26% from a year earlier and equivalent to 50.74% of this year’s target. Meanwhile, the import turnover stood at 1.26 billion USD. The People’s Committee noted though there remain difficulties in export markets and goods flows, thanks to the experience gained during the long social distancing period in 2021, businesses have gradually ensured material supply … [Read more...] about Binh Phuoc posts nearly 700 million USD in H1 trade surplus

According to GSO, the country's socio-economic development in the first six months of 2022 has prospered in most industries and fields, especially processing and manufacturing industry ; retail sales of consumer goods and services; and exports. The agriculture-forestry-fishery sector increased 3%, contributing 4.5% to the overall growth of the economy. The industry and construction sector was up 8.9%, making up 46.8%, while the service sector rose by 8.6 percent, contributing 48.6 percent to the general GDP growth. In the January – June period, the country's GDP grew by 6.4%, higher than 2% and 5.7% growth rates of the same periods in 2020 and 2021, respectively. In terms of economic structure in the first two quarters, the agriculture-forestry-fishery sector accounted for 11% of the country’s economy; the industry-construction and service sectors made up 39.3% and 40.6%, respectively, the GSO said./. VNA … [Read more...] about Vietnam’s GDP expands 7.72% in Q2

Optimistic exports In 2021, despite COVID-19, Vietnam's goods exports to CPTPP markets recorded encouraging achievements. Japan became the largest CPTPP importer of Vietnamese goods, accounting for more than 52 percent of Vietnam’s export value to the bloc. Meanwhile, exports to Chile and Peru increased 85 and 128 percent over the previous year. According to the Ministry of Industry and Trade, the CPTPP bloc has contributed 15 percent to the global gross domestic product (GDP) and trade. The zeroing of import duties by large markets, such as Japan and Canada, will help Vietnam increase its export value. Vietnam’s major exports, including farm produce and seafood, electricity and electronics, became tax-freed ones as soon as the CPTPP came into effect. The Ministry of Planning and Investment has predicted Vietnam's exports would likely increase 4.04 percent by 2035. Having FTA relations with CPTPP countries will offer Vietnam opportunities to restructure its import and export … [Read more...] about Pacific Rim trade deal boosts Vietnam’s economy

The administration said thanks to proactive moves to ensure material supply for manufacturing and diversify export markets, local businesses have maintained the strong recovery trend and enjoyed good exports growth. They exported over USD 1.95 billion worth of goods in H1, rising 23.26% from a year earlier and equivalent to 50.74% of this year’s target. Meanwhile, the import turnover stood at USD 1.26 billion. The People’s Committee noted though there remain difficulties in export markets and goods flows, thanks to the experience gained during the long social distancing period in 2021, businesses have gradually ensured material supply and kept supply chains uninterrupted, thus fulfilling export orders. Meanwhile, the index of industrial production increased 22% year on year in the six months, helping Binh Phuoc achieve a growth rate of 6.91% to rank second the southeastern region and 35th in Vietnam. In particular, the processing - manufacturing industry expanded by 23.4% and … [Read more...] about Binh Phuoc posts nearly USD 700 million in H1 trade surplus

On a street in Kuala Lumpur, Malaysia (Photo:AFP/VNA) Kuala Lumpur (VNA) - Malaysia’s economic recovery remains in sight with a better trend as signalled by Malaysia's macroeconomic performance in April 2022 amid global uncertainty, said the Department of Statistics Malaysia (DoSM). Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said in a statement that Malaysia is blessed with natural resources and commodities such as petroleum products and palm oil. As a net commodity exporter, Malaysia also benefits from higher commodity prices resulting in the country’s total trade chalking up a double-digit annual growth of 21.3% to 231.4 billion RM, he said. Exports rose 20.7% to 27.5 billion RM while imports went up 22% to 103.9 billion RM. The trade balance rose 15.7% and continued to remain in surplus at 23.5 billion RM. Malaysia's trade performance in May 2022 remained resilient, recording the fastest growth since November 2021, with total trade surpassing 1 … [Read more...] about Malaysia witnesses strong economic recovery