In February, Vietnam’s export turnover to Russia experienced a month-on-month decline of 44.46 percent and a year-on-year decrease of 12.45 percent, according to the General Department of Vietnam Customs.
The Hong Kong & Shanghai Banking Corporation (HSBC) has moved to lower Vietnam’s GDP growth rate for the year from the previously-projected 6.5% to 6.2% amid fears of rising oil prices globally.
Young population coupled with an expanding middle class and rising consumer spending set favorable conditions for international F&B brands to enter Vietnam.
Vietnam's GDP rose by 5.03 percent Q1, compared to 4.72 percent in the same period last year, according to the General Statistics Office on Tuesday.
- Apple to move 25% iPhone production to India by 2025, 20% iPad and Apple Watch to Vietnam, analysts say 1
- Local currency bond market nears US$100 billion 2
- ASEAN ranked the 5th largest economy, valued at $3.2 trillion 3
- Trade surplus hits $5.49 billion in January-August 4
- Vietnam trade surplus to UAE reaches $3 billion 5
- Vietnam's credit growth expands by 9.91 percent 6
Vietnam's wood export increased 20 percent in 2021, but foreign direct invested firms contributed half of the export revenue.
Foreign exchange reserves have hit a record of nearly $110 billion, marking ten times higher than 2010 figures, according to data from the State Bank of Vietnam.
Despite the negative impacts of the COVID-19 pandemic, Vietnam economy sustains recovery.
State budget saw a surplus of VND95.6 trillion ($4.2 billion) in the first two months of this year despite the negative impact of COVID-19 pandemic and global instability situation.
New records in export turnover were set by key export items for January, making the annual target of $50 billion worth of farm exports feasible.
Vietnam is among the countries in Asia witnessing growth in manufacture of components and sub-assemblies since the region will continue to be a key source of finished goods for the global market.
Vietnam gained $8 billion from exporting agriculture-forestry-aquatic products in the first two months of 2022, a year-on-year increase of 20.9 percent, according to the Ministry of Agriculture and Rural Development.
Local enterprises recorded a trade deficit of $3.96 billion in the first two months of 2022 while the economy reported $937 billion deficit in the period, according to General Statistics Office.
The consumer price index in February increased by 1.42 percent against the same period of last year, according to latest data from the General Statistics Office.
Although Vietnam’s trade with Russia and Ukraine increased sharply in 2021, the two markets account for only about 1.2 percent, equivalent to $7.8 billion, according to Ministry of Industry and Trade.
Two-way trade between Vietnam and India in 2021 surpassed $13 billion for the first time, up 36.5 percent compared to the previous year.
The Consumer Price Index in January rose by 1.9 percent, which is equivalent to the rate recorded at the end of 2021, the organisation explained.