Vietnam’s trade surplus of US$710 million in six-month period

Thursday, 30/06/2022 16:43
A report of the General Statistics Office (GSO) said that Vietnam recorded a trade surplus of US$710 million in the first half of 2022.

Photo for illustration (Source: VOV) 

The nation raked in US$96.8 billion from the export of goods in the second quarter of the year, an increase of 21% against the same period from last year, while grossing US$185.94 billion in the first half of the year, up 17.3% on-year, said the Voice of Vietnam.

Most notably, the group of processed industrial products accounted for 88.7% of total export turnover throughout the reviewed period.

Meanwhile, the country imported goods worth US$97.6 billion in the second quarter of the year, up 15.7% compared to the same period from last year and a rise of 11.3% compared to the first quarter of the year.

Moreover, six-month import turnover stood at an estimated US$185.23 billion, up 15.5% against the same period from last year with the group of materials for production activities making up 94%.

The United States remained the nation’s largest export market during the reviewed period with an estimated turnover reaching US$55.9 billion, while China was the country’s largest consumer of Vietnamese goods with an estimated turnover of US$61.3 billion.

The export turnover of services during the first half of the year surged by 81.8% to US$4.3 billion, while the import turnover of services during the reviewed period was estimated at US$12.3 billion, representing a climb of 22.3%.

GDP growth hits decade high of 7.72% in second quarter

Vietnam’s gross domestic product (GDP) in the second quarter of the year stood at an estimated at 7.72%, reaching its highest level since 2011, according to the General Statistics Office (GSO).

This information was released by the GSO at a press conference held in Hanoi to review the economic situation from the first half of the year.

This figure has helped GDP in the reviewed period to grow by 6.42%, reaching the highest figure in three years, higher than the growth rate of 2.04% from the same period of 2020 and a 5.74% rise in the first half of last year.

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Photo for illustration (Source: tapchitaichinh.vn) 

According to the Voice of Vietnam, the agricultural-forestry-fishery sector rose by 2.78%, with the industry and construction sector growing by 7.7% and the service sector increasing by 6.6%.

Furthermore, the processing and manufacturing industry remains the driving force for the entire economy with a growth rate of approximately 9.7%.

The index of industrial production (IIP) of some key industries increased sharply, with the clothing manufacturing rising by 23%, electrical equipment by 22%, medicine and pharmaceutical chemistry by 17.5%, and leather production by 13%.

A total of 61 localities recorded a rise in the IIP, although Ha Tinh and Tra Vinh experienced a decline due to a fall in the electricity production industry.

With regard to import and export activities, the export turnover of goods during the first half of the year stood at an estimated US$186 billion, a rise of 17.3% against the same period from last year, while import turnover edged up 15.5% to reach more than US$185 billion.

Total retail sales of consumer goods and services during the second quarter inched up 5.5% to nearly VND1.4 million billion compared to the previous quarter, a rise of 19.5% against the same period last year, duly bringing the six-month retail sales of goods and services to reach over VND2.7 million billion, representing an annual climb of approximately 12%.

Moreover, the consumer price index (CPI) in June picked up 0.69% over the previous month and by 3.37% over the same period from last year, bringing the six-month CPI to rise by 2.44% on-year, with core inflation rising by 1.25%.

Meanwhile, international arrivals to the nation in the first half of the year reached 602,000, witnessing a seven-fold increase compared to the same period from last year.

Vietnam sees more chances for coffee exports to the US

Vietnam is seeing a surge in the price of its coffee exported to the US and is expected to gain more opportunities in this market.

According to the Ministry of Industry and Trade’s Import-Export Department, in the first five months of 2022, Vietnam shipped 50,580 tonnes of coffee to the US for 124.95 million USD, down 2.9% in volume, but up 23.6% in value year-on-year.

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Vietnam’s coffee (Photo: kinhtedothi.vn) 

In the period, Vietnam earned 2,470 USD per tonne, up 27.2% compared to that in the same period last year, reported by the Vietnam News Agency.

Experts forecast that in the 2020 - 2025 period, the US coffee market will grow at an average rate of 4.8%. The main factors driving the growth of the market are increasingly hectic lifestyle and long working hours, which make coffee chains in the country more popular among consumers.

The opportunity is big, the Import-Export Department stressed, however, advising exporters to pay attention to the US’s production standards, including Fairtrade USDA, Organic, Rainforest Alliance/UTZ Certified, Bird Friendly, Carbon Neutral, Organic và Direct Trade.

Vietnam racks up two gold medals at World Para Athletics Grand Prix

Vietnamese para-athletes bagged two golds, four silvers and three bronze medals after three days of competition at the 2022 World Para Athletics Grand Prix in Tunisia, from June 27 to 29.

According to Nhan Dan Newspaper, Nguyen Ngoc Hiep claimed the first gold for Vietnam on June 28 as he was the fastest in the men’s 400m T11 event with a time of 55.93 seconds. A day earlier, he swept a bronze in the 100m category with a time of 12.26 seconds.

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 Cao Ngoc Hung (Photo: Webthethao)

The other gold medal was won on the last day by Tran Van Nguyen who produced a 31.18-metre throw in the men’s javelin F40 category.

Vietnam’s silver medals went to Tran Van Nguyen (men’s shot put F40), Pham Nguyen Khanh Minh (men’s 400m T12, 100m T12) and Cao Ngoc Hung (men’s javelin F57).

The bronze medallists included Nguyen Thi Hai (women’s discus F57, shot put F56/F57) and Nguyen Ngoc Hiep (men’s 100m T11).

Vietnam was represented by six para-athletes across 14 events for both men and women at the Tunisia Grand Prix, which is part of the cycle towards the Paris 2024 Paralympic Games.

Hong Kong daily spotlights Vietnam’s impressive growth

The Lianhe Zaobao daily in Hong Kong, China, on June 30 ran an article highlighting Vietnam’s impressive economic growth of 7.72% in the second quarter.

It wrote that with export and consumption recovery, the Vietnamese economy rebounded strongly in Q2, with gross domestic product (GDP) increasing 7.72% year on year – the fastest pace in almost 11 years.

This is expected to boost the GDP growth in the first half of 2022 to 6.42% from a year earlier, beyond the Government’s 5.5% expectation. The country recorded a growth rate of only 2.04% in the same period last year, said the Vietnam News Agency.

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Photo for illustration (Source: tapchitaichinh.vn) 

Unveiling the statistics on June 29, the General Statistics Office (GSO) of Vietnam stressed that compared to other ASEAN members and countries in the world, this is a relatively high growth rate, and that the country has also maintained macro-economic stability, according to Lianhe Zaobao.

The article noted since Vietnam gradually lifted anti-COVID-19 measures in late 2021, domestic industries and factories have completely resumed operations, driving the strong recovery of manufacturing and export activities.

In H1, export turnover rose 17.3% year on year to 185.94 billion USD while industrial production was up 8.7%.

Meanwhile, Bloomberg said underpinning the recovery has been the government’s 15 billion USD worth of fiscal stimulus, and an easy monetary policy. That’s helped boost the competitiveness of the Southeast Asian nation which is emerging as an attractive alternative destination for foreign investment.    

The GSO also warned that Vietnam’s economy may face many challenges in the latter half of the year such as inflation, global political uncertainties, and pandemic aftershocks.

A World Bank report released earlier this month recommended the country stay vigilant against inflation risks such as surging fuel and import prices which may hamper the recovery trend of domestic demand./.

Compiled by BTA

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