Processing industry contributes 78% of exports
The processing industry earned approximately US$71.9 billion from exports in the first seven months of 2015, up 18.7% from last year and contributing 77.9% of Vietnam’s total export revenue, reported an official from the Ministry of Industry and Trade (MOIT).
In a conference on August 3, Head of the MOIT’s Planning Department Nguyen Tien Vy said that products with export growth include cattle feed (up 16%), plastic (11.3%), footwear (22.3%), and phones & components (28.2%). Goods seeing dropping export earnings were seafood (down 15%), coffee (33%), rice (8.7%) and iron & steel (15.7%).
The ministry’s report on trade and export revealed that the country shipped abroad US$14.5 billion worth of goods in July, a 1.2% increase from the previous month and 10.8% against the same period last year. The figure has brought export revenue over the past seven months to roughly US$92.3 billion, up 9.5% year on year.
The trade deficit hit US$300 million in July and nearly US$3.4 billion over the seven month period, equivalent to 3.7% of the total exports.
The devaluation of the EUR has fuelled imports of many overseas materials.
According to the MOIT, the monthly export revenue amounted to an average of US$13.18 billion during the period. For the remaining months, the country needs to boost its monthly export earning to US$14.5 billion to meet its target of 10% growth this year.
The Index-Industry Products (IIP) of the first seven months rose by 9.9% annually with several key contributors including the processing and manufacturing sector (up 10.1%), mining (9.2%), power production and supply (11.5%), and water supply and waste-wastewater treatment (7.1%).
Industries with high growth include mobile phones (up 56.9%), automotives (57.8%) and oil & petroleum (37.9%).
The ministry’s report on trade and export revealed that the country shipped abroad US$14.5 billion worth of goods in July, a 1.2% increase from the previous month and 10.8% against the same period last year. The figure has brought export revenue over the past seven months to roughly US$92.3 billion, up 9.5% year on year.
The trade deficit hit US$300 million in July and nearly US$3.4 billion over the seven month period, equivalent to 3.7% of the total exports.
The devaluation of the EUR has fuelled imports of many overseas materials.
According to the MOIT, the monthly export revenue amounted to an average of US$13.18 billion during the period. For the remaining months, the country needs to boost its monthly export earning to US$14.5 billion to meet its target of 10% growth this year.
The Index-Industry Products (IIP) of the first seven months rose by 9.9% annually with several key contributors including the processing and manufacturing sector (up 10.1%), mining (9.2%), power production and supply (11.5%), and water supply and waste-wastewater treatment (7.1%).
Industries with high growth include mobile phones (up 56.9%), automotives (57.8%) and oil & petroleum (37.9%).