Vietnam sustains a trade deficit of roughly US$1.85 billion in the first half of May, reports the General Department of Vietnam Customs. During the first half of May, the country spent US$11.542 billion on imports but earned only US$9.694 billion from exports, resulting in a trade deficit of roughly US$1.85 billion. By mid-May, the combined trade deficit recorded over US$1 billion as imports amounted to US$89.909 billion, while exports reached only US$88.9 billion. Computers, electronic items and components topped the list of imports with the total value of US$2.22 billion in the first half of May, followed by machinery, equipment, and spare parts with the total turnover reaching US$1.688 billion. Meanwhile, the overseas shipment of computers, electronic products and components raked in over US$18 billion during the first 15 days of May, while machinery, equipment, and spare parts brought home US$13.25 billion. With the combined export value of US$31.25 billion, these categories … [Read more...] about Vietnam’s trade deficit hits US$1 billion by mid-May
Rough trade records
Reasons to make Vietnam car finance market post record growth by 2023
The Hanoitimes - Growing middle class is picked up among reasons attributed to the record growth of nearly US$6 billion by the year. Vietnam’s car finance market is projected to reach more than VND135 trillion (US$5.87 billion) credit disbursed by the end of 2023 thanks to stronger purchasing power of middle class, lower interest rates, and improved transport infrastructure. Cars are booming in Vietnam, packing roads. Photo: Hau Pham Firstly, a growing appetite for passenger and commercial vehicles among middle class will top the reasons identified for the growth following their better income, according to Ken Research. Statistics by Mekong Development Research Institute showed that Vietnam’s middle class including those with monthly income of VND18 million (US$780)-VND40 million (US$1,700), is estimated to account for 33% of the total population by 2020. As a result, there would be an increasing number of customers buying a passenger … [Read more...] about Reasons to make Vietnam car finance market post record growth by 2023
Big Apple joins in ringing in New Year after rough 2018
Fireworks exploded overhead and couples kissed as revelers welcomed the New Year in New York City’s Times Square. – AFP Photo Viet Nam News NEW YORK - New York City’s crystal ball dropped as rain-soaked throngs in Times Square cheered and smooched in celebration, joining revelers around the world in welcoming the New Year on Tuesday and saying goodbye to a tumultuous 2018. For many, the sparkling sphere’s time-honored descent came after hours spent in cold, wet weather -- a wait made easier by performances from entertainers such as Christina Aguilera, Sting and Snoop Dogg. Just before the ball fell, Bebe Rexha sang John Lennon’s "Imagine", and in the first moments of 2109 many in the square sang along to Frank Sinatra’s "New York, New York", boomed from loudspeakers. "It was like a true state of pure bliss and unity and love, and it felt like there was no hate in the world," Brie Dunn, 22, told ABC News as fireworks exploded overhead. … [Read more...] about Big Apple joins in ringing in New Year after rough 2018
Vietnam gains record trade surplus
Vietnam gains record trade surplusThe Saigon Times Daily A container vessel is loaded with cargo at Cai Mep Port in the southern province of Ba Ria-Vung Tau Province – PHOTO: LE ANH HCMC – Vietnam’s trade surplus in January-October reached an all-time high of US$7.2 billion, well above the full-year figure of US$2.1 billion for 2017, backed by the foreign direct investment (FDI) sector, according to the General Department of Vietnam Customs. Customs data shows that the total value of imports and exports as of late October amounted to roughly US$397 billion, of which the country exported goods worth more than US$202 billion, a 15.2% rise over the year-ago period. The FDI sector gained a staggering US$142.8 billion in export revenue, rising by 15% from a year earlier and accounting for nearly 71% of the country’s export value. In terms of markets, Vietnam gained a trade surplus with countries from the Americas and Europe while the country suffered a … [Read more...] about Vietnam gains record trade surplus
Chinese Q3 growth hits nine-year low as debt, trade row drag
The reading will likely put pressure on Beijing to provide fresh support as investors grow increasingly concerned about the economic outlook, while the yuan and stock markets wallow at four-year lows. The world’s second largest economy expanded 6.5 percent on-year in July-September, National Bureau of Statistics figures showed, in line with an AFP survey but marking the worst performance since the start of 2009 at the height of the global financial crisis. It is also well down from the 6.8 percent and 6.7 percent in the previous two quarters but in line with Beijing’s target for the year. “Faced with an extremely complex environment abroad and the daunting task of reform and development at home,” China’s economic growth remained generally steady, said NBS spokesman Mao Shengyong. China is in the midst of a increasingly bitter trade row with the United States with both sides exchanging tariffs on billions of dollars worth of goods, fanning fears … [Read more...] about Chinese Q3 growth hits nine-year low as debt, trade row drag