Vietnam posts US$200 million in trade surplus in August

Wednesday, 2016-08-31 11:01:44
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NDO - Vietnam’s exports in August were estimated at US$15.2 billion while its imports were US$15 billion, producing a trade surplus of US$200 million, according to the General Statistics Office (GSO).

In the first eight months of the year, Vietnam recorded a surplus of US$2.45 billion, with exports and imports respectively valued at US$112.19 billion and US$109.74 billion.

At US$24.6 billion, the United States remained the largest buyer of Vietnamese goods during the said period, up 13% over the same period last year and accounting for more than one fifth of Vietnam’s total exports.

The European Union and China came in second and third, with US$21.9 billion and US$12.6 billion respectively.

Meanwhile, Vietnam’s exports to ASEAN dropped 10% year on year to US$11.1 billion due to a sharp fall in crude oil shipments to the region.

On the import side, China remained the largest source of Vietnam’s foreign purchases during the January-August period, but the value of imports from China fell to US$31.6 billion, a 2.8% decrease compared with a year earlier.

In order to boost exports for the remainder of the year, a number of enterprises are proposing that regulators expand the 0% value-added tax (VAT) to cover commodities such as tea and pre-processed rubber.

Other proposals include reducing the VAT on fabrics imported to make clothes for export and the export duty on wood chips.

Minister of Industry and Trade Tran Tuan Anh said his ministry would work with enterprises to address the difficulties they faced, such as setting up hotlines to receive enterprises’ complaints, simplifying administrative procedures and publishing documents about the opportunities and challenges presented by new free trade agreements.