Vietnam’s exports to US continue to rise

The US Department of Commerce has announced that Vietnam’s exports to the US in the first seven months of the year earned US$7.9 billion, an increase of 14 percent over the same period last year.

Garments and textiles lead amongst Vietnam ’s major export items to the US , making $3.2 billion, a year-on-year increase of 12 percent and followed by wooden products and furniture with $985 million, up 27 percent and footwear, $910 million up 9.6 percent.

Farm produce is still one of Vietnam ’s top five leading export items, ranking in $455 million, up 30.7 percent and seafood, $366 million, up 5.9 percent.

Also under the reviewed period, Vietnam’s imports from the US were worth $2 billion, an increase of 19.8 percent, bringing the import-export turnover between the two countries to $9.9 billion, an increase of 15.1 percent over the same period last year.

The Vietnamese Embassy’s Office of Commercial Bureau estimates that Vietnam’s export turnover to the US will hit $14.2 billion by the end of this year, a year-on year increase of 15 percent.

 

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Vietnam’s exports to US continue to rise

The US Department of Commerce has announced that Vietnam’s exports to
the US in the first seven months of the year earned 7.9 billion USD, an
increase of 14 percent over the same period last year.

Garments
and textiles lead amongst Vietnam ’s major export items to the US ,
making 3.2 billion USD, a year-on-year increase of 12 percent and
followed by wooden products and furniture with 985 million USD, up 27
percent and footwear, 910 million USD up 9.6 percent.

Farm
produce is still one of Vietnam ’s top five leading export items,
ranking in 455 million USD, up 30.7 percent and seafood, 366 million
USD, up 5.9 percent.

Also under the reviewed period, Vietnam ’s
imports from the US were worth over 2 billion USD, an increase of
19.8 percent, bringing the import-export turnover between the two
countries to 9.9 billion USD, an increase of 15.1 percent over the same
period last year.

The Vietnamese Embassy’s Office of Commercial
Bureau estimates that Vietnam ’s export turnover to the US will hit
14.2 billion USD by the end of this year, a year-on year increase of 15
percent./.

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Agricultural exports rise 22.3% in first nine months

Workers process pineapple for export in Ninh Binh Province. Agricultural exports reached US$14 billion in the first nine months of the year. — VNA/VNS Photo Huy Hung

HA NOI — Agricultural export value reached US$14 billion in the first nine months of the year, an increase of 22.3 per cent over the same period last year, according to the Ministry of Agriculture and Rural Development.

Of the total, seafood accounted for $3.47 billion – an increase of 14.2 per cent over the previous year – while forestry products accounted for $2.6 billion, a whopping 36.3 per cent increase.

Remaining agricultural exports totalled $7.2 billion, an increase of 21.1 per cent, of which rice earned $2.56 billion, an increase of 14 per cent.

The sector as a whole generated 27 per cent of the nation's total export value in first nine months of the year, the ministry said.

Nguyen Viet Chien, director of the ministry's Centre for Information and Statistics, said the increases were due both to high demand and rising global prices.

Among leading cash crops, rice exports totalled 5.5 million tonnes during the nine-month period, an increase of 12 per cent, while rice prices rose to an average of $470 per tonne, 3 per cent higher than last year and nearly comparable to the average price for rice from Thailand, where rice production was effected this year by natural disaster.

Despite gloomy forecasts earlier this year that coffee exports would not reach $1 billion during 2010, coffee exports rose 4.2 per cent in the first nine months to a volume of 925,000 tonnes, while export value has already surpassed $1.3 billion.

Rubber exports climbed to 531,000 tonnes in the first nine months, an increase of 10.9 per cent, earning $1.45 billion – double last year's value.

Tea exports rose 4 per cent in volume during the period to 100,000 tonnes and 16.7 per cent in value to $146 million, while cashew exports jumped by 10 per cent in volume to 143,000 tonnes and by 30 per cent in value to $780 million.

Favourable conditions on world markets have made it likely that total agricultural export value would exceed $16 billion by the end of the year, Chien said. — VNS

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FDI disbursement tops $8b first nine months

Vehicle parts production at the Taiwan-invested Viet Nam Precision Industrial No1 Co in northern Vinh Phuc Province. — VNA/VNS Photo Tran Viet

HA NOI — Disbursement of foreign investment during the first nine months of this year surpassed US$8 billion, an increase of 4.8 per cent year-on- year, according to the Foreign Investment Agency (FIA).

However, the disbursement which hit $800 million in September was $50 million lower than that of the previous month, and far behind the average disbursement rate of about $900 million for each month since the beginning of this year.

During the nine-month period, the nation attracted $12.19 billion in foreign direct investment (FDI), 87.3 per cent of the amount during the same period last year. Earlier, the country had set a target of drawing $22 to $25 billion in FDI this year.

Up to 720 new projects were licensed during the period, worth a combined $11.4 billion, an increase of 37.3 per cent over same period last year.

There was a decline in additional investment to existing projects, the FIA said, adding that 153 projects had registered to increase capital by a combined $783 million, only 13.8 per cent of the same period last year.

An FIA representative yesterday refused to make further comments on the drastic decrease.

Netherlands was the leading source of foreign investment in Viet Nam, investing $2.2 billion, followed by South Korea with $2 billion and the US with $1.87 billion.

The processing and manufacturing sector held the lion's share of FDI, gobbling up $3.65 billion, or 30.2 per cent of the registered total.

Business advantages were described as one of the main reasons for the large influx of FDI into the sector. The foreign-invested sector posted a nine-month export turnover of $27.4 billion, a year-on-year rise of 26.5 per cent or equivalent to 53 per cent of the country's total export value.

Meanwhile, FDI in the electric and gas production and distribution sector reached $2.94 billion, accounting for 24 per cent of all FDI.

With a high average investment capital of $150 million per project, the real estate sector ranked third in FDI attraction with $2.75 billion, making up 22.6 per cent of the total.

The southern province of Ba Ria-Vung Tau was the top destination for foreign investment, attracting $2.23 billion. It was followed by the northern province of Quang Ninh with $2.15 billion, HCM City with over $1.8 billion and central Nghe An Province with $1 billion. — VNS

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