Vietnamese exporters expand US market share

Tuesday, Nov 04, 2014 08:31

Viet Nam's export turnover to the US rose by 17.4 per cent over the previous month, reaching $2.84 billion.— Photo vov

HA NOI (Biz Hub) — Viet Nam registered positive growth of exports to the US in the first 10 months, with country's exports to the United States reached US$23.69 billion, a 21.8 per cent year-on-year increase, the Ministry of Industry and Trade reported yesterday.

At a press conference held in the capital city, the ministry said in October alone, Viet Nam's export turnover to the US rose by 17.4 per cent over the previous month, reaching $2.84 billion.

Meanwhile, garments and textiles, shoes, computers and accessories and wood products saw growth rates of more than 10 per cent over the same period last year.

Viet Nam has been the second largest exporter to the US after China, accounting for seven per cent of the country's total imports.

In the first eight months of the year, Viet Nam's garment and textile exports to the US increased by 14 per cent. However, aquaculture product exports to the market will be reduced because of hindrances in Vietnamese product quality.

Petrol prices to fall

The retail selling price of petroleum will likely be reduced in the next few days, Deputy Industry and Trade Minister Do Thang Hai announced at the press conference.

The domestic petrol price was previously reduced eight times this year by a cumulative amount of VND3,300 (15US cents) per litre. The latest decrease which took place on October 23 brought down the price to VND22,340 ($1.1) per litre.

Fuel traders are allowed to unilaterally raise prices if the rate of increase is below three per cent of current prices, but they must report the increase to the ministries of Finance and Industry and Trade.

If the increase is between three to seven per cent, petrol wholesalers are required to submit documents on price fluctuations of elements which make up petrol prices, as well as anticipated increases, to the two ministries for review and approval.

Fuel price increases exceeding seven per cent, or increases with a significant impact on national socio-economic development and the people's living standards, must be reported to the Prime Minister for review and approval.

The Ministry of Industry and Trade (MoIT) is responsible for providing updates on world fuel prices, including base and retail prices, and the use of the fuel price valorisation fund on its website.

"Based on the world petrol market, the two ministries will reduce the retail price as soon as possible to ensure benefits to people and businesses, " the deputy minister said.

Petroleum traders said they made profits of VND1,087 per liter from the downward trend in the world market.

The country so far has 19 petrol traders, and the number will be increased to supplement petrol supply and increase competitiveness.

Sufficient power supply

Also, Duong Quang Thanh, deputy general director of the Electricity of Viet Nam (EVN), said his company would ensure sufficient power supply for the entire country during the dry season as well as the entire year of 2015.

Thanh revealed that EVN has put the second turbine of Bung River Hydropower Plant into operation, adding 1,170MW to the national power grid, and has completed 33 power line constructions to the South to ensure power supply for the region.

EVN has asked the MoIT to assign other power suppliers to mobilise electricity, he added.

MoIT figures showed that the country's total power production in the first 10 months of the year increased by 12 per cent to 115.67 billion kWh.

During that period, Viet Nam imported from China 1.7 billion kWh of electricity, a 41-per cent year-on-year reduction.

For the entire 2014, the country aims to import from China 2.4 billion kWh of electricity, a 26-per cent year-on-year reduction. — VNS

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