Export-import turnover rises 15.5% in first quarter

Monday, 01/04/2024 16:20
Recovery of the world economy, including many major export markets of Vietnam, is a positive sign for the Southeast Asian nation’s import and export activities in the coming time, reported Vietnam News Agency.

Processed vegetables exported to Japan (Photo: VNA) 

Tran Thanh Hai, deputy head of the Ministry of Industry and Trade (MoIT)’s Foreign Trade Agency, said that total export-import turnover hit 178.04 billion USD in the first quarter of this year, up 15.5% year-on-year, resulting in a trade surplus of 8.08 billion USD.

Exports performed particularly well, with an estimated value of 93.06 billion USD, reflecting a 17% year-on-year growth, while imports reached 84.98 billion USD, representing a 13.9% increase.

In this quarter, 16 commodities reported an export value of over 1 billion USD each, accounting for 82.1% of the total export revenue, two higher than the 14 commodities recorded in the first quarter of 2023.

The export turnover growth of the domestic-invested enterprise sector reached 26.2%, nearly double that of the foreign-invested sector, including crude oil (up 13.9%), demonstrating efforts made the domestic economic sector to maintain and expand export markets.

Meanwhile, there were 17 commodities with import turnover of over 1 billion USD each, accounting for 76.1% of the total.

Bui Huy Son, head of the MoIT’s Financing Planning Department, said that Vietnam’s trade activities, especially export to key markets in Europe and America, will face both challenges and opportunities this year.

In addition to advantages for signed free trade agreements (FTAs), demand of the world market in general and Europe and America in particular is gradually recovering because inflation has been experiencing a downturn from the end of 2023 and is likely to approach the target level set out by central banks for 2024.

Those industrialised countries continue to promote strategies to diversify sources of supply, supply chains, and investments will help Vietnam become an important production and export centre in the global value chain. Meanwhile, the development of green economy, digital transformation, and circular economy of countries in Europe and America will also open up many new cooperation opportunities as well as providing a lot of credit and technology support to Vietnam, added Huy.

MoIT Deputy Minister Nguyen Sinh Nhat Tan said that the sector will closely monitor market developments and changes in partners' policies to propose appropriate solutions and develop a variety of traditional and new export markets.

It will continue making the most of signed FTAs, speeding up negotiations and signing of new ones, diversifying markets and supply chains, developing logistics services, and strengthening capacity on trade defence.

E-tickets introduced to Hanoi bus service

An e-ticket system is launched for the capital city’s bus service. (Photo: hanoimoi.vn)

In a significant move to enhancing passenger convenience and safety, the Hanoi Public Transportation Centre (HPTC) joins hands with its partners to launch an e-ticket system for the capital city’s bus service, reported Vietnam News Agency.

According to HPTC Director Thai Ho Phuong, the e-transportation cards help save cost and time for passengers as they do not have to queue up to have their commuter passes extended.

The new passes are linked with passengers’ identity cards, and contain pass code, information of pass holder and expiration date.

E-tickets and cashless bus ticket payment have been applied on 14 routes so far, and they will be piloted on 10 others in the coming time.

The bus network in Hanoi now has 154 routes, with more than 2,200 vehicles.

Vietnamese intellectuals abroad talk ways to help Vietnam “thrive in change”

Delegates at the Vietnam Global Leaders Forum pose for a group photo. (Source: VNA)

Nearly 100 Vietnamese and Vietnamese-origin people from 20 countries gathered at the Vietnam Global Leaders Forum (VGLF 2024) held in Paris on March 30-31, reported Vietnam News Agency.

They are outstanding doctors and experts in science, economy, social affairs, environment, arts and religion.

The forum is the convergence of knowledge, spirit, energy and the quintessence of the Vietnamese culture, said Professor, Dr. Nguyen Duc Khuong, director of international development research at IPAG Business School (France) and President of the Association of Vietnamese Scientists and Experts in France (AVSE Global) – the organiser of VGLF 2024.

Amidst evolving, unpredictable international environment, Vietnam needs to seek its own path towards sustainability, equality and prosperity, he said, adding that the forum offers an opportunity for Vietnamese-origin individuals to compare notes on how to help Vietnam “thrive in change.”

A session of the Vietnam Global Leaders Forum. (Photo: VNA)

Vietnamese Ambassador to France Dinh Toan Thang affirmed that the State always consider overseas Vietnamese (OVs) an integral part of the nation, as reflected through the roll-out of various legal corridors and policy tools to facilitate their engagement in national development.

With the theme of "Vietnam thriving in change", the forum focused on three key inquiries - the means to unite resources to awaken national potential and facilitate growth, how to enhance Vietnam's global standing, and how to harness and utilise the keys to success for breakthrough.    

VGLF 2024 also brought culture and heritage together with the participation of the brightest minds from more than 15 different countries around the world. It was also a rare and great opportunity to immerse Vietnamese contemporary art, national culture and special cuisine in the topical issues.

Some participants told the Vietnam News Agency (VNA) that national construction requires strong human resources, stressing the need to grow a pool of talents, and provide policy support for them. 

AVSE Global is a Paris-headquartered nonprofit organisation connecting Vietnamese intellectuals, senior experts, and scientists worldwide.

Relying on over 300 permanent members in more than 20 countries regularly working on strategic projects and collaborating with 2000 collaborative experts and 10000 connected experts, AVSE Global implements strategic programmes and projects promoting Vietnam's sustainable development.

Gold price increases 8% in Q1

The price of SJC gold bars rose to nearly 81 million VND per tael (one tael is equivalent to 1.33 ounces) in the last trading session of Quarter 1. (Photo: VNA)

The price of SJC gold bars rose to nearly 81 million VND (3,266 USD) per tael (one tael is equivalent to 1.33 ounces) in the last trading session of the first quarter (March 30), up 8% from the outset of the quarter, reported Vietnam News Agency.

On March 30, SJC gold bars were sold for 80.82 million VND per tael, compared to over 75 million VND per tael at the beginning of the year.

In March alone, the gold price rose by 1.25%, peaking at 82.5 million VND per tael in the period from March 10-12.

The global gold prices rallied 9% in March, driven by expectations of interest rate cuts by the US Federal Reserve this year and high demand on safe assets.

According to Deputy Governor of the State Bank of Vietnam Pham Thanh Ha, despite the complex price fluctuation, the gold market remained stable, causing no pressure on the official foreign exchange market./