Trade surplus of agro-forestry-fisheries sector reaches 3.3 billion USD in eight months

Monday, 06/09/2021 17:35
The export revenue of the agro-forestry-fisheries sector reached about 32.1 billion USD in the first eight months of this year, up 21.6 percent, while imports were estimated at 28.8 billion USD, up 44.1 percent.

Accordingly, a trade surplus is about 3.3 billion USD, a fall of 48.2 percent over the same period last year, the Vietnam News Agency qouted the information of the Ministry of Agriculture and Rural Development (MARD).

Revenue from major agricultural products recorded a 13.6 percent growth to 13.9 billion USD, while forestry exports rose 42.7 percent to 11.2 billion USD, and aquatic products’ revenue increased 7.1 percent to 5.6 billion USD. Exports of livestock hit 286 million USD, up 15.9 percent.

Despite a fall of 1.3 percent in volume, export revenue of peppercorn still rose over 50 percent to 666 million USD. However, rice and tea suffered fall in both volume and value.

The major export market of Vietnamese agro-forestry-fisheries products was Asian countries which accounted for 41.5 percent of the market share, followed by America with 31.3 percent, Europe 11.3 percent, Africa 1.9 percent and Oceania 1.5 percent.

The US remained the biggest market of the sector with consumption of 9.3 billion USD worth of the products, accounting for 29.1 percent of the market share. It was followed by China with 18.9 percent of the market share.

In the first eight months of this year, Vietnam imported 28.8 billion USD of agro-forestry-fisheries products, up 44.1 percent year on year, including 2.9 billion USD worth of goods (mostly cashew nuts) from Cambodia and 2.7 bilion USD from the US.

In August alone, the sector earned nearly 3.4 billion USD from export, down 21.6 percent over the same time last year and 22 percent compared to the previous month.

Downturn was seen in export revenue of the majority of products, excepting for cassava, grain and milk products.

The sharpest fall was seen in the export value of furniture at over 50 percent, followed by tra fish at 30 percent, vegetable nearly 26 percent, fertilizer 24 percent, and peppercorn 21.5 percent.

The ministry explained that COVID-19 impacts forced factories to slow down operations or even shut down, affecting production for export.

The MARD said that in the rest of the year, it will continue to strengthen trade promotion to increase exports, while supporting localities and businesses in exporting farm produce, coordinating with relevant agencies and representative offices abroad to give market forecast, and applying online assessment on agricultural products.

Vietnam ranks eighth in IPv6 adoption worldwide

Vietnam’s Internet Protocol version 6 (IPv6) adoption rate reached 45 percent, ranking second in ASEAN and eighth globally, up two places from 2020, the Vietnam News Agency qouted the information of the Vietnam Internet Network Information Centre (VNNIC).

Photo for illustration (Source: vneconomy.vn)

In Vietnam, 34 million mobile and 11 million Internet subscribers are using IPv6 services, and the figures have been on the rise over the past two years.

Some organisations and businesses posting the highest IPv6 transition rate as of August 2021 included the Viettel Military Industry and Telecoms Group (Viettel), Vietnam Posts and Telecommunications Group (VNPT), and FPT Telecom, among others.

Vietnamese firms are advised to build IPv6 adoption planning and efficiently apply digital resources and infrastructure.

IPv6 is expected to meet Vietnam’s demand to offer new and quality services such as Internet of Things, 4G-LTE and 5G networks, contributing to digital transformation and digital government building.

Singapore leads foreign investment in Vietnam

Singapore became the largest foreign investor in Vietnam in the first eight months of 2021 with total investment capital of US$6.2 billion as of August 20, accounting for nearly 32.5% of total foreign direct investment (FDI) in Vietnam.

According to the Ministry of Planning and Investment, foreign investors have poured US$19.12 billion into Vietnam as of August 20, 2021, equivalent to 97.9% of the figure for the same period in 2020, said the Nhan Dan Newspaper.

Photo for illustration (Source: baodautu.vn)

Of the total, newly registered capital and supplemented capital saw increases while capital contribution and share purchases by foreign investors continued to fall during the eight-month period.

The foreign investment went to 18 areas, with the largest investment of US$9.3 billion injected into manufacturing, accounting for 48.4% of total registered capital. Electricity production and distribution came in second for FDI attraction with total investment of nearly US$5.5 billion, occupying 28.7% of total registered capital.

A total of 92 countries and territories have invested in Vietnam during the first eight months of this year, with Singapore being the top investor. Japan was the runner-up with total investment of US$3.2 billion, accounting for 16.8% of total FDI capital into Vietnam and up 94.9% compared to the same period in 2020. It was followed by China, Hong Kong (China), and Taiwan (China).

FDI capital was poured into 58 provinces and cities nationwide, with the largest investment of US$3.6 billion in Long An, making up 18.9% of total registered capital. Ho Chi Minh City ranked second in FDI attraction with nearly US$2.2 billion, occupying 11.4% of total registered capital.

About US$11.58 billion of FDI capital had been disbursed as of August 20, up 2% over the corresponding period in 2020. However, the FDI disbursement in August declined by 12.2% over the same month in 2020 and decreased by 14.3% compared to July 2021 due to the COVID-19 pandemic./.

Compiled by BTA

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