Largest trade surplus and export growth predicted

Tuesday, Oct 21, 2014 15:53

A textile and garment production line in Viet Nam. Textiles and garments were listed as the country's second export with turnover of  $15.52 billion — Photo Petro Times

HA NOI (Biz Hub) — Viet Nam is expected to achieve a trade surplus of nearly $3 billion, its highest level ever, and an export turnover of $150.5 billion in 2014.

According to the forecast, based on the latest figures from the General Department of Customs, the expected export turnover this year will exceed that of last year by $18 billion and exceed the annual target for exports this year by more than $5 billion.

Import turnover for this year is also predicted to be $15 billion more than that of last year, at $147.6 billion.

The figures also showed that each of the country's 63 cities and provinces exported goods to foreign countries, with half achieving $500 million or more in revenues, including 10 cities and provinces which earned more than $2 billion each.

HCM City continued to lead in exports with a turnover of US$23.28 billion, followed by northern Bac Ninh Province with $16.07 billion, southern Binh Duong Province with $12.31 billion, southern Dong Nai Province with $9.68 billion and Ha Noi with $8.1 billion.

These cities and provinces have effectively attracted foreign direct investment. Bac Ninh Province surpassed other provinces to rank second largely because of Samsung Group's operations in the province.

Meanwhile, Thai Nguyen Province, which earned $246 million last year, jumped from 46th to sixth rank with an export turnover of $4.42 billion.

Mobile phones were listed as the country's top export with a turnover of $17.26 billion, followed by textiles and garments with $15.52 billion, electronic products with $7.49 billion and footwear with $7.44 billion. Also in the list were crude oil with $5.81 billion and seafood with $5.75 billion. — VNS

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