Vietnam’s trade surplus to US to widen to $20 bln

[Viet]

Vietnam’s trade surplus to US to widen to $20 bln, up 35%

Tuoitrenews
Updated : 12/21/2013 08:09 GMT + 7

Vietnam is expected to post a trade surplus of US$20 billion with the US in 2013, up 35.14 percent from 2012, Dao Tran Nhan, head of Vietnam's trade office in the US, told a meeting on Wednesday.

Exports to the US in the January – November period totaled $23.5 billion, and the full-year figure is expected to surpass the $25 billion mark for the first time, Nhan said. It will represent a 22.5 percent increase from 2012, he added.

The US currently accounts for nearly 20 percent of the total export turnovers of Vietnam.
Meanwhile, imports from the US are estimated at around $5 billion.

Vietnam's trade surplus with the US was $14.8 billion last year compared with $12.4 billion in 2011.

Vietnam’s total export turnovers in 2013 are expected to rise 16.6 percent year on year to $133 billion. Nhan said exports to the US may total $27.5 billion in 2014 should the 10 percent growth be maintained.

In an interview with Saigon Times, Nhan said the trade surplus with the US will reduce pressure from the huge trade deficit to China, which expanded to $19.6 billion in the year to October.

Vietnam’s trade surplus to US to widen to bln, up 35% | Tuổi Trẻ news

 

[eazzy]

Nice.

 

[Viet]

Nice.

VN trade surplus is expected to increase further when we join TPP next year.

 

[eazzy]

How is your global trade balance ? Looking at Wikipedia it doesn't seen very good but these numbers are from 2012.

 

[Viet]

How is your global trade balance ? Looking at Wikipedia it doesn't seen very good but these numbers are from 2012.

as in the opening post: for 2013, we expect exports of $133bn and imports of $132bn. $1bn surplus. Besides, Vietnam invests $15.5bn in overseas projects. It is still low.

 

[Rechoice]

problem is that deficit in trade with China.

 

[eazzy]

I guess the factories moved to Vietnam but the suppliers didn't

The FTA with China will be effective in 2015 right ?

 

[beijingwalker]

problem is that deficit in trade with China.

 

[Viet]

I guess the factories moved to Vietnam but the suppliers didn't

correct. for instance, VN garment factories buy fabrics from Chinese sources.

The FTA with China will be effective in 2015 right ?

correct. At the time, VN will have FTAs with ASEAN, Europe, America, China, Japan, S. Korea, Customs Union (Russia), and more.

 

[Nike]

GDP of Vietnam based on IMF accounts is around 170 billions US dollar with this year current account

Report for Selected Countries and Subjects


made me wonder why you guys can generate so much export compared to your current GDP value?

 

[visom]

GDP of Vietnam based on IMF accounts is around 170 billions US dollar with this year current account

Report for Selected Countries and Subjects


made me wonder why you guys can generate so much export compared to your current GDP value?

I guess a lot of things are hidden. Many Vietnamese sell things in the free market where government can't keep tax or keep track of, but I'm no economy expert.

 

[Viking 63]

133 billion in exports.. Vietnam is doing something right !!!

 

[ViXuyen]

133 billion in exports.. Vietnam is doing something right !!!

Thanks for FDI enterprises from Japan, South Korea, Taiwan, and U.S

 

[xuxu1457]

Vietnam is becoming a part of China's production chain, import parts from China, assembly production, then export, since labor cost of Vietnam is lower than China, deficit in trade with China is inevitable if Vietnam export more to others

 

[Viet]

Vietnam is becoming a part of China's production chain, import parts from China, assembly production, then export, since labor cost of Vietnam is lower than China, deficit in trade with China is inevitable if Vietnam export more to others

Indeed China and Vietnam bilateral trade have great potential. The volume is expected to reach $50bn this year 2013 and $100bn in 2017. Trade deficit is a major concern. If Chinese show some flexibilities in more buying vietnamese goods then we will perhaps see a higher figure.

The current pace of 30 per cent annual growth rate is very healthy.