89 percent of imports raw materials for domestic production: Ministry
Up to 89 percent of the imports in the first four months of this year are raw materials and accessories for domestic production with a combined value of 106.6 billion USD, up 16.8 percent year-on-year, according to the Ministry of Industry and Trade.
Hanoi (VNA) – Up to 89 percent of the imports in thefirst four months of this year are raw materials and accessoriesfor domestic production with a combined value of 106.6 billion USD, up 16.8percent year-on-year, according to the Ministry of Industry and Trade.
It reported on May 4 that Vietnam’s total imports expanded 15.7 percent year-on-year to an estimated 119.8billion USD in the period.
In April alone, the figure was estimated to reach 32.2billion USD, down 1.5 percent month-on-month and up 15.5 percent compared tothe same period last year.
Theimport of energy products strongly surged, partly due to scarce supply.
Notably, the import turnovers of gasoline and oil, coal, crude oiland liquefied natural gas surged by 146.9 percent, 123 percent, 63.7percent and 62.7 percent, respectively.
In addition, the import of other items also increased sharply such as petroleumproducts (up 30.3 percent), chemicals (up 29.3 percent), chemical product (26.71percent), fertiliser (73.3 percent), rubber (34 percent), mobile phones andaccessories (20.8 percent).
China was the largest market of Vietnam in the firstfour months, with an estimated turnover of 36.78 percent, up 8.3 percentcompared to the same period last year.
Vietnam alsoimported goods from the Republic of Korea, ASEAN, Japan, EU, and the US with respective values of 23.3 billion USD, 16.4 billion USD, 8.2 billion USD, 5.3 billionUSD and 4.7 billion USD./.
If breakthroughs in institutional reforms are achieved to improve growth quality, coupling with timely and sound fiscal and monetary policies, the Vietnamese economy could expand 6.76 percent a year during 2021-2023, according to Director of the Central Institute for Economic Management (CIEM) Tran Thi Hong Minh.
Despite trade deficit in the first half of 2021, experts still predicted that Vietnam will soon resume balance in the trade of goods thanks to the strong growth in production.
The shortage of raw materials due to the COVID-19 pandemic has disrupted supply chains, raised logistics costs and lengthened transportation time, making many businesses to face difficulties in production.
Trade remedies should be utilised more and in a more effective way to ensure fair competition and protect domestic production in the context of Vietnam’s deeper integration into the global economy through joining more free trade agreements (FTAs), according to experts.
Promoting domestic production of wood materials plays an important role in minimising instabilities related to wood imports for processing in the future, said insiders.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
Illustrative image (Photo: VNA) 
