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Vietnam’s trade deficit with Thailand hits $3b


HANOI: Vietnam’s trade deficit with Thailand stood at nearly 3 billion USD in the first seven months, up nearly 25 percent over the past year, as it imported more than 5.6 billion USD worth of goods from Thailand and exported only 2.6 billion USD of goods to the country, according to the General Department of Vietnam Customs. Strong increases were ... Read More »

Sri Lanka – Vietnam economic ties reach new heights


COLOMBO: The Embassy of Sri Lanka in Ha Noi facilitated a 20-member Vietnamese business delegation to visit Sri Lanka last week. This business interaction was arranged consequent to the visit by Prime Minister Ranil Wickremesinghe to Viet Nam in April this year, the Foreign Affairs Ministry said. At the bilateral talks held between the two Prime Ministers both dignitaries agreed ... Read More »

Customs official caught stealing seized ivory


HANOI: The customs warehouse manager tried to replace more than 150 kilos of ivory with a fake batch. Police in Hanoi have arrested a customs officer for stealing more than 150 kilograms of ivory that his unit had seized from smugglers. The officer has been identified only as Hoang, a 35-year-old manager of a warehouse used to store contraband by ... Read More »

Vietnam export revenue forecast to hit US$200b


HANOI: Vietnam can obtain total export revenue of US$200 billion this year, up 13% versus last year, said Nguyen Phu Hoa, deputy head of the Export-Import Department under the Ministry of Industry and Trade. But the nation’s import bill may amount to US$205 billion, a year-on-year increase of 17%, he told the Export Forum 2017 held on August 9 by ... Read More »

Vietnam-ASEAN trade up 7-fold in 20 years


HANOI: Trade value increased 12.3 per cent annually between 1996 and 2006 and 8.1 per cent each year from 2007 to 2016. Total export turnover stood at $41.49 billion in the 20-year period, accounting for 11.8 per cent of Vietnam’s total trade. Exports of goods from Vietnam to ASEAN in 2016 reached nearly $17.45 billion, down 4.4 per cent over ... Read More »

Vietnam July auto sales down 27% YOY


HANOI: Vietnam’s total vehicle sales fell by 27 percent to 20,662 units in July from a year earlier, the Vietnam Automobile Manufacturers’ Association (VAMA) said on Tuesday. Sales by VAMA member-manufacturers fell 21 percent to 19,345 units, including sport utility vehicles, passenger cars and commercial vehicles. Vietnam’s Truong Hai Auto Corp, which assembles sedans, trucks and buses, led sales in ... Read More »

Vietnam Steel Association urges steel import controls


HANOI: The Việt Nam Steel Association (VSA) is calling on the Government to maintain a series of quality and management controls in the steel industry since trade fraud in steel imports is still high. The Ministry of Industry and Trade (MoIT) had planned to eliminate administrative procedures in 17 fields this year, including the steel sector, in order to ease ... Read More »

Vietnamese shrimp exporters struggle to compete in US

Vietnam Shrimp exports in 2016 rise 6.7%

HANOI: The US Department of Commerce (DOC) has announced its decision to adjust antidumping duty on Vietnamese shrimp exported to the US between February 1, 2013 and January 31, 2014 from 1.16 percent to 1.42 percent. The decision was made following changes in dumping calculations, although on September 7, 2015, the DOC publicised results of its ninth administrative review (POR9) ... Read More »

RoK becomes Vietnam’s second largest trade partner

RoK becomes Vietnam’s second largest trade partner

HANOI: The Republic of Korea (RoK) has surpassed the US, the European Union and ASEAN for the first time to become Vietnam’s second-largest trade partner, after China. According to the General Department of Vietnam Customs, in the first half of this year, trade value between Vietnam and the RoK reached 29.12 billion, accounting for 14.7 percent of total national trade ... Read More »

Vietnam’s biggest trade deficit is no longer with China but S. Korea


HANOI: Vietnam no longer has the biggest trade deficit with China but South Korea, after imports from the latter soared in the first half of this year. Customs data showed that Vietnam’s imports from South Korea in the first half of 2017 increased by 51 percent from the same period last year, while exports only rose by 27 percent. That ... Read More »

Vietnam uncovers 90,000 smuggling attempts in H1 2017

Vietnam customs

HANOI: Authorities in Vietnam uncovered nearly 90,000 cases of smuggling in the first half of this year, and were able to take 1,200 of those cases to court, slightly less than the figures from last year, according to National Steering Committee 389, the government’s anti-smuggling body. During that time, more than $350 million was collected from administrative fines, the sale ... Read More »

Vietnam imports 51,000 vehicles for $1.04b

vehicles imports

HANOI: Vietnam spent US$1.04 billion to import some 51,000 various vehicles in the first half of this year, according to statistics of the General Department of Vietnam Customs. The number of vehicles with nine seats or less reached 26,600 units worth $449 million, marking an increase of 30.1 per cent in volume and 13.5 per cent in value year-on-year. Indonesia ... Read More »

Turkey, Vietnam expect higher trade volume

bilateral trade

ANKARA: Turkish Labor Minister Mehmet Muezzinoglu said that the trade volume between Turkey and Vietnam had reached $2 billion in 2016 and is expected to reach $4 billion by 2020, according to a ministry statement Thursday. The minister went to Vietnam’s Hanoi for the seventh Turkey-Vietnam Joint Economic Council Meeting, said the statement. “Turkey’s exports to Vietnam increased by 50 ... Read More »

Vietnam imports animal feed worth $1.8b in H1

Animal feed

HANOI: Vietnam’s import value for animal feed and materials for producing animal feed stood at US$1.8 billion in the first half of 2017, a year-on-year increase of 17.3 percent. Argentina remained the country’s leading source for animal feed and feed materials, the General Department of Customs said. In the reviewed period, Viet Nam imported products worth $828 million from the ... Read More »

Vietnam trade information portal launched


HANOI: The Vietnam Trade Information Portal (VTIP) was officially launched yesterday by the General Department of Vietnam Customs (GDVC) with the help of the World Bank (WB), in order to provide the business community with a reliable one window information source on relevant legal regulations and categorisation for both export and import purposes. “With the introduction and implementation of the ... Read More »

Vietnamese police seizes 3 tonnes of ivory in fruit boxes


HANOI: Vietnamese authorities have seized nearly three tonnes of ivory hidden among boxes of fruit, officials said on Sunday, the latest haul to spotlight the country’s key role in the global wildlife smuggling trade. Police in the central province of Thanh Hoa found 2.7 tonnes of tusks inside cartons on the back of a truck that was on its way ... Read More »

Vietnam joins Inclusive Framework to fight tax avoidance

tax avoidance

HANOI: Vietnam has become the 100th member to join the Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS), the General Department of Taxation announced. BEPS refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Under the IF, 100 countries and jurisdictions are collaborating to implement ... Read More »

Vietnam works to hit export target of $188 billion


HANOI: A core solution to that is enhancing export enterprises’ competiveness through renovating technology and management, experts said, stressing that local businesses have expanded their production scale, but not the added value of their products. The industry and trade sector expects to make a beeline for realising its export turnover target of 188 billion USD in 2017, or 6.9 percent ... Read More »

Vietnam’s economy grows 5.73% in H1


HANOI: Vietnam’s gross domestic product (GDP) grew by an estimated 5.73 percent in the first half of this year, Director of the General Statistics Office (GSO) told a press conference in Hanoi on June 29. The first-quarter growth hit 5.15 percent while the second quarter’s was 6.17 percent thanks to the government’s efforts to improve business climate. Specifically, the agro-forestry-fisheries ... Read More »

Vietnam hopes for over $10b trade with seven markets: Customs data


HANOI: Vietnam expects to record bilateral two-way trade of over 10 billion USD with China, the Republic of Korea, the US, Japan, Thailand, Taiwan (China), and Malaysia in 2017. According to Vietnam Customs, trade between Vietnam and these markets reached 226.7 billion USD in 2016, making up 64.6 percent of Vietnam’s total trade with foreign countries. The figure is forecast ... Read More »