Photo for illustration (Source: logistics.gov.vn)
The General Statistics Office (GSO)’s representative said on March 29 that: “Vietnam has recorded a strong recovery of import and export activities."
He said the total merchandise import-export turnover in Q1 reached 152.65 billion USD, up 24.1 percent over the same period last year. While the export turnover reached 77.34 billion USD, the import turnover also reached 75.31 billion USD, up 26.3 percent.
GSO said goods export turnover in February reached 20.196 billion USD, 196 million USD higher than planned, adding that export turnover was estimated to reach 28.6 billion USD in March, marking an increase of 41.6 percent over February and 19.2 percent over the same period last year.
In Q1, there were 11 items with an export turnover of more than 1 billion USD, accounting for 76.6 percent of the total export turnover. They included four items with an export turnover of over 5 billion USD, accounting for 54.7 percent.
Import turnover reached 20.656 billion USD in February, 144 million USD lower than planned, said the GSO, estimating the import turnover to reach 28.2 billion USD in March, up 36.5 percent over February and 27.7 percent over the same period last year. In imports, materials for production were estimated at 70.58 billion USD, up 26.8 percent over the same period last year and accounting for 93.7 percent of the total import turnover.
GSO said the production expectation in Q2 was more positive with an increase of 27.5 percent in registered capital at 447.8 trillion VND (19.46 billion USD) in Q1. A survey on business trends of enterprises in the manufacturing and processing industries showed enterprises expect their production and business in Q2 to be better than Q1.
At the same time, demand for consumption increased again in March with better domestic trade and freight transportation. The total retail sales of consumer goods and services in March increased 9.2 percent over February and decreased 5.4 percent from the same period last year. Though the cargo transportation increased by 5.3 percent from the previous month, the transportation of passengers still faced difficulties due to the effects of the pandemic.
Total retail sales of consumer goods and services reached 1.291 quadrillion VND, up 5.1 percent over the same period last year. Of which, the sales in March were estimated at 405.1 trillion VND, down 3.8 percent from the previous month and up 9.2 percent over the same period last year.
In the first quarter, international visitors were estimated at 48,100 arrivals, down 98.7 percent from the same period last year. In March, there are 19,400 arrivals, up 77.3 percent over February and down 95.7 percent from last March, said the GSO.
The office also considered positive signals in mobilising and using capital, saying realised investment capital was estimated at 507.6 trillion VND in Q1, an increase of 6.3 percent over the same period last year. The office said the increase was an important driving force for the mobilisation and use of social investment capital to grow strongly in the coming quarters of the year.
More than 10,000 train tickets discounted by 50% in two months
The Sai Gon Railway Passenger Transport Company has announced discounts of 50% on over 10,000 tickets applied in April and May this year in a bid to stimulate travel demand, the Nhan Dan newspaper said.
Photo for illustration (Source: vr.com.vn)
Trains with discounted tickets must have departure time from April 5 to 28 and from May 4-26. Discounted tickets can be purchased between 8:00am on April 1 and the end of May 23 and should be bought at least three days before the departure date.
According to Sai Gon Railway Passenger Transport Company, soft seats and air-conditioned sleepers (6-berth) are subject to discounted tickets.
Passengers can buy discounted fares on trains coded SE3/SE4 and SE7/SE8 running on weekends with a distance from 500km, SE7/SE8 running at the beginning of the week, and SE21/SE22 with a distance from 400km.
Trains coded SNT1/SNT2 with a distance from 250km and SPT1/SPT2 with a distance from 150km are also offering discounted fares.
If passengers wish to change or return the discounted tickets they have bought, they will be charged 50% of the price printed on the ticket. People can buy tickets at the electronic train ticket system at dsvn.vn or at railway stations and railway agents.
German press praises Vietnamese market’s prospects
An article by Claudius Semmann was published on German’s DVZ e-newspaper highlighting Vietnam’s success in controlling the COVID-19 pandemic and secure economic development, maintaining its bright outlook amid the global crisis, the Vietnam News Agency reported.
The article noted that Vietnam has been very successful in dealing with the pandemic and has already developed into a popular production base.
Photo for illustration (Source: tapchinganhang.gov.vn)
By the end of 2020, the nearly 100 million-strong country had only reported 1,465 laboratory-confirmed COVID-19 cases and 35 deaths, it said.
It cited data from the International Monetary Fund (IMF) showing that the economy grew by 2.9 percent, one of the highest rates in the world. However, this was its lowest growth in 30 years, according to the report on the Agility Emerging Markets Logistics Index. Domestic activity had recovered early. There was also a robust export trend, especially in the high-tech area, it added.
According to the Transport Intelligence (TI) market researchers, Vietnam benefits from the free trade agreements with the EU and the UK as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which has provided Vietnamese goods with better access to the Canadian and Mexican markets. Both before and during the pandemic, the country attracted investments, including those from manufacturers who wanted to relocate their production from pandemic-hit areas.
In recent years, Vietnam has moved the value chain from textiles and clothing to microchips, smartphones and other electronics. Apple and its suppliers Foxconn and Pegatron as well as Panasonic were among the companies that started manufacturing in Vietnam, expanded production or announced new production plans there in 2021, it said.
According to TI data, around 40 percent of exports go to the US and the EU. It pointed out that Vietnam may face problems in infrastructure system such as roads and ports.
The article also cited current analysis by the international credit insurer Atradius indicating that Vietnam is also one of the markets in which German exporters have good prospects of generating additional sales in the second coronavirus year.
Thanks to low wage costs and favourable conditions for foreign direct investment, many companies are relocating simple production steps from China to Vietnam, Atradius expert Thomas Langen was quoted as saying.
According to the article, companies in the transport and logistics as well as textiles sectors will benefit from the increasing global demand. Domestically, agriculture, construction and infrastructure as well as retail and durable consumer goods manufacturers benefit from expanding domestic demand, it added./.