Illustrative image (Source: doanhnghiepvn.vn) Hanoi (VNA) - Productionand business results improved in the first two months of this year, but tradewas unbalanced with strong growth in auto and mobile phone imports, theMinistry of Industry and Trade reported.
The ministry said in the first twomonths, export value grew 15.4 percent to 27.3 billion USD, including 7.6billion USD from wholly State-owned enterprises, up 12.2 percent, and 19.7billion USD from foreign invested firms, up by 16.8 percent against the sameperiod last year.
Notably, the processing industryachieved a year-on-year surge of 15.5 percent in export value to 22 billion USD,accounting for 80.6 percent of the total national export value. Meanwhile,farming, forestry and fishery export value reached 3.2 billion USD, 9.9 percenthigher than the same period last year, accounting for 11.4 percent of the totalvalue.
The high export value growth in thefirst two months of 2017 is particularly significant given the relatively low2.0 percent growth during the same period last year and failure to reach atwo-digit value growth rate in 2016, the ministry said.
Moreover, average export pricesincreased sharply during the first two months, including cashew (20.3 percent),coffee (31.9 percent), crude oil (61.9 percent), rubber (81 percent) and coal(115.5 percent). However, the export prices of farming, forestry and fisheryproducts dropped.
The increase in export pricescontributed to a surge of 736 million USD in total export value during the twomonths against the same period last year, the ministry’s representativesaid. Export value of textiles and garments in the first two months alsorose by 12.2 percent to 3.66 billion USD year-on-year.
Le Tien Truong, general director of theVienam Textile and Garment Group (Vinatex), said many Vinatex businesses hadobtained stable long-term orders for the second quarter and beyond.
Total export value of textile andgarments this year was expected to increase by 6.5-7 percent to 30 billion USD,Truong said, with US and Japan its major markets.
The ministry said the imports ofsome products experienced strong growth during the first two months of thisyear.
The import growth of products suchas under-nine-seat vehicles, mobile phones, vegetables and fruits, could impactthe general trade balance.
In the first two months, Vietnam spent153 million USD to import 9,500 complete-built-units of under-nine-seatvehicles, a year-on-year increase of 139.6 percent, while import value surgedby 129 percent for mobile phones and 129.8 percent for vegetables and fruits.
These imports partly contributed toa 20 percent increase in total import value to 27.4 billion USD in the twomonths, the ministry said.
The nation had a trade deficit of 46million USD in the first two months, it said, 3.5 billion USD for localenterprises and 3.4 billion USD for foreign companies.
Minister of Industry and Trade Tran TuanAnh praised the high export growth, but urged enterprises to focus onsustainable export development.
He said enterprises should focus ondiversifying export products and markets to avoid dependence on products whichhave the advantage of cheap workers and on markets which have the benefit offree trade deals.
“We must re-organise production toensure competitive ability, especially competitive ability based on factorsadding value, such as technology and labour productivity,” the minister said.
To limit the trade deficit andcontrol imports, the ministry said the State should have solutions tocontrol the fast-growing import of such products as mobile phones, scrap steel,under-nine-seat automobiles and precious metals, as well as vegetables andfruits. -VNA
The ministry said in the first twomonths, export value grew 15.4 percent to 27.3 billion USD, including 7.6billion USD from wholly State-owned enterprises, up 12.2 percent, and 19.7billion USD from foreign invested firms, up by 16.8 percent against the sameperiod last year.
Notably, the processing industryachieved a year-on-year surge of 15.5 percent in export value to 22 billion USD,accounting for 80.6 percent of the total national export value. Meanwhile,farming, forestry and fishery export value reached 3.2 billion USD, 9.9 percenthigher than the same period last year, accounting for 11.4 percent of the totalvalue.
The high export value growth in thefirst two months of 2017 is particularly significant given the relatively low2.0 percent growth during the same period last year and failure to reach atwo-digit value growth rate in 2016, the ministry said.
Moreover, average export pricesincreased sharply during the first two months, including cashew (20.3 percent),coffee (31.9 percent), crude oil (61.9 percent), rubber (81 percent) and coal(115.5 percent). However, the export prices of farming, forestry and fisheryproducts dropped.
The increase in export pricescontributed to a surge of 736 million USD in total export value during the twomonths against the same period last year, the ministry’s representativesaid. Export value of textiles and garments in the first two months alsorose by 12.2 percent to 3.66 billion USD year-on-year.
Le Tien Truong, general director of theVienam Textile and Garment Group (Vinatex), said many Vinatex businesses hadobtained stable long-term orders for the second quarter and beyond.
Total export value of textile andgarments this year was expected to increase by 6.5-7 percent to 30 billion USD,Truong said, with US and Japan its major markets.
The ministry said the imports ofsome products experienced strong growth during the first two months of thisyear.
The import growth of products suchas under-nine-seat vehicles, mobile phones, vegetables and fruits, could impactthe general trade balance.
In the first two months, Vietnam spent153 million USD to import 9,500 complete-built-units of under-nine-seatvehicles, a year-on-year increase of 139.6 percent, while import value surgedby 129 percent for mobile phones and 129.8 percent for vegetables and fruits.
These imports partly contributed toa 20 percent increase in total import value to 27.4 billion USD in the twomonths, the ministry said.
The nation had a trade deficit of 46million USD in the first two months, it said, 3.5 billion USD for localenterprises and 3.4 billion USD for foreign companies.
Minister of Industry and Trade Tran TuanAnh praised the high export growth, but urged enterprises to focus onsustainable export development.
He said enterprises should focus ondiversifying export products and markets to avoid dependence on products whichhave the advantage of cheap workers and on markets which have the benefit offree trade deals.
“We must re-organise production toensure competitive ability, especially competitive ability based on factorsadding value, such as technology and labour productivity,” the minister said.
To limit the trade deficit andcontrol imports, the ministry said the State should have solutions tocontrol the fast-growing import of such products as mobile phones, scrap steel,under-nine-seat automobiles and precious metals, as well as vegetables andfruits. -VNA
VNA
