Despite trade restrictions due to pandemic, Vietnam has recorded a trade surplus of $16.69 billion in the first nine months of 2020, according to latest data from the General Statistics Office.
Several state-owned companies have lost money and piled up over VND63.3 trillion ($2.73 billion) worth of debts as a result of poor execution of 12 factory construction and expansion works.
Vietnam’s agricultural exports grew 1.6% to $30.05 billion in the first nine months of 2020, bringing the full-year target of $40 billion within sight, said the Ministry of Agriculture and Rural Development.
Despite the Covid-19 pandemic, Vietnam expects $300 billion in export turnover this year, according to the Ministry of Industry and Trade.
- Vietnam 1Q trade surplus narrows to $2.02 bln vs $2.8 bln 1
- Vietnam credit growth hits 2.93% as of end-March 2
- Vietnam’s Feb. inflation hikes 1.52%, highest in eight years 3
- Southeast Asia's growth leader in 2021 could be Vietnam 4
- Vietnam Jan-Feb FDI inflows fall 15.6% y/y to $5.46 bln 5
- Vietnam’s Jan.-mid-Feb trade surplus hits $3 billion 6
The economy has surpassed the lowest point of the V shape and been in recovery track, Minister and Chairman of the Government Office Mai Tien Dung told the press on Friday.
Vietnam’s central bank has decided to cut the ceiling interest rates for both lending and deposit from October 1 to support enterprises hit by the Covid-19 pandemic.
Vietnam’s economic recovery is on track with 2.6 percent growth expected in 2020 and in 2021, growth could accelerate to 8.2 percent, according to a recent forecast from Fitch Solutions.
The country’s consumer price in the third quarter of 2019 grew 0.92 percent from previous quarter and 3.18 percent over the same period of previous year, General Statistics Office reported.
Economic growth in the first nine months of this year stood at 2.12 percent, a nine-year low, when the economy was hit by pandemic, according to data released by General Statistics Office.
Total foreign direct investment capital to Vietnam between January and September period was seen to drop 18.9 percent to $21.2 billion, according to latest data released by Ministry of Planning and Investment.
Vietnam is likely to be the second best performer in terms of economic recovery in the Asia-Pacific region, according to a report from the S&P Global Ratings.
Vietnam enjoyed exports worth $3.78 billion to the European Union in only one month since the EU - Vietnam Free Trade Agreement took effect at the beginning of August.
Vietnamese rice, fruit and seafood exporters are banking on the European market for relief from difficulties imposed by the Covid-19 pandemic.
Credit growth as of Sept. 16 is estimated at 4.81% against the end of last year, the State Bank of Vietnam said on Tuesday.
Vietnam’s trade surplus hit a record to $14.5 billion from the beginning of this year to September 15, up nearly $1 billion from end-August, according to general Department of Customs.
The country’s GDP growth in 2020 could reach 2 – 3 percent, Vietnam News Agency cited information from former director of the General Statistics Office Nguyen Bich Lam.