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China is Vietnam’s largest import market

China is Vietnam’s largest import market

According to the General Bureau of Statistics, the total import and export turnover of goods was estimated at US$57.21 billion in July, up 2.5% month-on-month and down 6.7% from the same period of the year corresponds to the previous year.

In the first seven months of May, the total import and export turnover of goods reached US$374.23 billion, down 13.9% from the same period last year, with exports down 10.6%; Imports fell by 17.1%.

Vietnam recorded a trade surplus of US$15.23 billion (compared to US$1.34 billion in the same period last year). The domestic economic sector has a trade deficit of 12.58 billion US dollars; The FDI sector (including crude oil) posted a trade surplus of $27.81 billion.

China is Vietnam's largest import market - Photo 1.

In the first seven months of 2023, the trade balance of goods is expected to show a trade surplus of US$15.23 billion.

In terms of market, the US is Vietnam’s largest export market with an estimated turnover of US$52.4 billion. China is Vietnam’s largest import market with an estimated turnover of US$58.6 billion.

The Industrial Production Index (IIP) is estimated to have increased by 3.9% month-on-month in July 2023 and by 3.7% year-on-year. Compared to the same period of the previous year, the manufacturing and processing industry grew by 3.6%; mining industry up 4%; power generation and distribution by 4.1%; Water supply, management and treatment of waste and sewage increased by 8.3%.

In July, 20,700 companies entered and re-entered the market, up 34% from the same period in 2022. This is also the highest ever. However, the number of companies exiting the market has not decreased. 6,884 companies registered temporary suspension of operations, up 34.9% from the previous month. The number of companies that ceased operations and completed liquidation procedures also increased compared to June.

China is Vietnam's largest import market - Photo 2.

In general, in the first seven months of this year, an average of 18,800 new companies per month were founded and started up again. On the other hand, 16,200 companies withdraw from the market every month.

In July, ministries, branches and municipalities continued to focus on promoting the disbursement of public investment capital. In general, realized public investment capital is estimated at 41.3% of plan in the first seven months of 2023, up 22.1% compared to the same period last year.

Foreign investment capital (FDI) in Vietnam reached nearly US$16.24 billion in the first seven months of the year, up 4.5% from the same period in 2022. Foreign investment projects attracted about US$11.58 billion dollars paid out.

Year-to-date, there were 1,627 licensed projects with registered capital of $7.94 billion, an increase of 75.5% over the same period last year in number of projects and 38.6% in registered capital. 736 projects were registered to adjust investment capital, up 27.1%, the total additional investment capital reached nearly US$4.16 billion, down 42.5% over the same period.

In terms of industries, manufacturing and manufacturing led the way in attracting foreign capital with a total investment of more than US$10.93 billion, accounting for more than 67.3% of the total registered investment capital and compared to the same period around 9.3% increase.

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