Vietnam’s export turnover hits 79.3 billion USD in five months
Vietnam exported about 79.3 billion USD worth of commodities in the first five months of 2017, an increase of 17.4 percent from the same period last year.
Vietnam’s export turnover reaches 79.3 billion USD in five months. (Photo: VNA)
Hanoi(VNA) – Vietnam exported about 79.3 billion USD worth of commodities in thefirst five months of 2017, an increase of 17.4 percent from the same periodlast year.
According to the Agency for Foreign Trade under the Ministry of Trade and Industry (MoTI), the USremained the country’s largest buyer, followed by the EU, China, ASEAN, Japanand the Republic of Korea.
The trade deficit hit2.7 billion USD, accounting for 3.4 percent of the export turnover, raisingconcerns that continuous trade deficit for months might harm the economy.
But many economistsbelieved the trade deficit was still within an acceptable level and it isnormal for a developing economy like Vietnam while the country integrates moredeeply into the global trade and joins free trade agreements. Furthermore,domestic production has rebounded, motivating imports.
To gain tradebalance, the MoTI plans to tighten control on goods of which imports are notencouraged and facilitate local manufacturing of similar items.
It may also usetrade remedies against several imported goods to encourage consumption ofmade-in-Vietnam products.-VNA
The VND/USD exchange rate in 2017 is predicted to suffer the greatest pressure from the demand of foreign currency due to the increasing trade deficit, according to the National Financial Supervisory Commission.
Vietnam is facing tough challenges to fulfil its economic growth target for this year amidst the country is experiencing trade deficit and depending on foreign direct investment sector.
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&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Vietnam’s export turnover reaches 79.3 billion USD in five months. (Photo: VNA) 
