In the first months of the year, enterprises ramped up their imports of input materials and spare parts to meet their production and export demands for later months
Index of Industrial Production for August has ped by 4.2 per cent from July, and a 7.4 per cent decrease year-on-year. However, IIP for the year so far has increased by 5.6 per cent year-on-year.
According to trade experts, the above-mentioned trade deficit was not a worrisome figure as enterprises ramped up their imports of input materials to meet their production demands.
The Regional Comprehensive Economic Partnership (RCEP) would not worsen trade deficit Viet Nam was running with signatory markets, according to the Ministry of Industry and Trade.
Viet Nam’s fiscal deficit (excluding debt principal repayments) would be 6.4 per cent of GDP in 2020, almost double of 3.4 per cent last year, Fitch Solutions forecast.
Only two groups of products posted an export turnover of at least $1 billion during the period including computers, electronics and components at some $1.5 billion and telephones and parts at $1 billion. That have brought export earnings of these products...
The economic report revealed the total value of support packages for production, business and social welfare was estimated at VND600 trillion (US$25.8 billion).
Viet Nam reported an estimated trade deficit of US$176 million in the first two months of the year, according to the General Statistics Office of Vietnam (GSO).
Viet Nam had a trade deficit of more than US$1 billion with Australia last year, one year after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect.
Việt Nam’s fiscal deficit, including principal repayments, would come in at 6.6 per cent of GDP in 2019 and 2020, up from 5.9 per cent in 2018, Fitch Solutions Macro Research forecast.
In the first half of July, Viet Nam''s export revenue exceeded US$10.5 billion and its import value topped $11.18 billion, resulting in a trade deficit of nearly $700 million.