Vietnam's Foreign Trade Forecast at US$14.5Bln in Q1
Vietnam's Foreign Trade Forecast at US$14.5Bln in Q1
Vietnam is expected to reach total export and import value of US$14.5 billion in the first quarter of this year, with a trade deficit of US$700 million, according to the country’s Ministry of Trade.
In the three-month period, national export earnings are predicted to grow 25 per cent on-year to US$6.9 billion. Foreign-invested firms will retain the position as the largest exporters with combined revenues of US$3.52 billion, while local firms will contribute US$3.38 billion.
Vietnam’s largest export market in the period will be Asia-Pacific with the total earnings of US$3.7 billion. The American market will rank second with a bill of US$1.6 billion, including US$1.4 billion paid by the US alone. The Europe will come next with US$1.45 billion, including US$1.29 billion paid by EU nations. Africa and Southwestern Asia, meanwhile, will spend only US$150 million on Vietnam’s goods.
Vietnam currently lists garments and textiles, footwear, woodwork, rice, seafood, coffee, rubber, pepper, and cashew nuts as its export staples.
Meanwhile, the country’s import spending is predicted to surge 20 per cent on-year to US$7.6 billion between January and March this year, of which local firms paid US$4.94 billion and foreign-invested enterprises US$2.66 billion.
Vietnam will mainly spend on machinery and technology imports from the EU and the US.
Vietnam targets to earn US$30.5 billion from exports in 2005 and plans import spending of US$36 billion in the year.
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