HANOI: The export turnover of Viet Nam is estimated to touch VND308,202 billion in January, slightly increasing by 0.5 per cent against the previous month, according to the General Statistics Office (GSO). The foreign direct investment (FDI) sector contributed VND216,635 billion to the country’s export revenue, rising by 4.8 per cent, while the domestic sector witnessed a drop of 8.7 per cent in export value.
The exports of phones and components and computers and spare parts increased significantly this month, up by 44.3 per cent and 7.1 per cent, respectively. Products which saw declines in exports included garments and textiles, with a drop of 9.4 per cent, and crude oil, with a drop of 23 per cent in volume and 40 per cent in value.
The office said the US remained Viet Nam’s biggest export market in January, with an anticipated export value of VND69,234 billion, up by 17.3 per cent over the same period last year. Meanwhile, Viet Nam imported VND312,669 billion worth of goods in the month, representing a drop of 2.1 per cent over last December.
The imports of the FDI sector increased by 6.4 per cent while those of the domestic sector decreased by 11.9 per cent. Viet Nam remained largely dependent on China for imports, with an estimated import value of VND98,267 billion, up 0.4 per cent over the same period last year.
Statistics showed that the FDI sector (including crude oil) ran a trade surplus of VND35,734 billion, while the domestic sector post a trade deficit of VND40,200 billion, making a trade deficit of VND4,466,700 million overall for the month.
The revised statistics of the GSO revealed that Viet Nam’s export value in 2015 was VND3,620,260 billion, down VND7,303,055 million compared to the previously estimated figure.
With the revised import turnover at VND3,698,428 billion, the country ran a trade deficit of VND78,167 billion, VND6,700,050 million higher than the previous estimate. Last year’s trade deficit was equivalent to 2.2 per cent of the country’s export turnover. Viet Nam has targeted export revenue of VND3,975,363 billion in 2016, rising by 10 per cent over 2015, with a trade deficit below 5 per cent of the export turnover.
