[Round-up] U.S. Tops Vietnam’s Export Markets, SOCO to Expand in Vietnam

Tuan Minh

22:13 28/04/2016

BizLIVE - The U.S. remained Vietnam’s largest export market this year. SOCO International is set to ramp up cooperation with PetroVietnam.

[Round-up] U.S. Tops Vietnam’s Export Markets, SOCO to Expand in Vietnam

SOCO International is set to ramp up cooperation with PetroVietnam.

Vietnam Posts Fiscal Deficit of $2.85 Billion Year to April 15
Vietnam had a state budget deficit of 63.8 trillion dong ($2.85 billion) in the year to April 15, widening from $2 billion a month earlier, according to the General Statistics Office (GSO).
Budget collections reached 254.4 trillion dong ($11.36 billion) in the period, or one fourth of the year’s plan, while expenditures were estimated at 318.2 trillion dong ($14.2 billion).
Vietnam Retail Sales, Service Revenue Climbs 8.8% to $51 Billion
Retail sales and service revenue in Vietnam reached 1,138.2 trillion dong (roughly $51 billion) in the first four months of this year, up 8.8% from a year earlier, GSO data showed.
Of the total, retail sales increased 9% year-on-year to 870.2 trillion dong ($38.85 billion).
U.S. Remains Vietnam’s Top Export Market
The U.S. imported $11.4 billion worth of goods from Vietnam between January and April, up 15.5% year-on-year, continuing to be the largest export market of Vietnam.
The EU came second with $10.3 billion, followed by China with $5.8 billion, South Korea with $3.3 billion and ASEAN with $5.4 billion.  
Vietnam Industrial Production Gains 7.3% in Jan-April
Vietnam’s index of industrial production (IIP) in the first four months of this year went up 7.3% from a year earlier, lower than an expansion rate of 9.6% in the same period of last year.
The manufacturing and processing sector saw its output up 9.6% year-on-year, the electricity production and distribution sector up 12.1% and the water supply and waste treatment sector up 9%.
Thai Investment in Vietnam Set to Increase
Around 2,000 Thai enterprises have registered to invest in Vietnam through Thailand Embassy, according to the Ho Chi Minh City Union of Friendship Organizations (HUFO).
Vietnamese enterprises will face fierce competition in upcoming time when Thai enterprises are planning to pour cash into Vietnam, according to the Sai Gon Giai Phong newspaper.
HCM City’s Exports Rise 5% in Jan-April
Ho Chi Minh City’s export turnover increased 5% year-on-year to $9.7 billion in the first four months of 2016, while the value decreased 3.4% in the same period of 2015, according to a report by the local government.
The growth was driven by stronger shipments to China, South Korea, Spain and India.
The city’s imports grew 13.4% year-on-year to $11.1 billion.
Two Foreign Firms Keen on Building Deep-sea Port in Central Vietnam
Singapore’s Zhong Tian and China’s Peting Zhouhong have approached Binh Dinh’s government to explore opportunities to build a deep-sea port in the Nhon Hoi Economic Zone.
The head of the local government pledged to create favorable conditions for overseas investors.
SOCO International Set to Expand Operations in Vietnam
The U.K’s SOCO International will continue partnering with state-run energy firm PetroVietnam to materialize a cooperation agreement signed in July 2015, local media reported.
The Ministry of Industry and Trade will direct PetroVietnam to implement oil and gas contracts with SOCO International, said Minister Tran Tuan Anh.
As many as 34,721 businesses were established in Vietnam in the first four months of this year, increasing 22.9% from a year earlier, according to the General Statistics Office (GSO).
The newly-formed firms had a combined registered capital of 248.2 trillion dong ($11.1 billion), up 52.8% from a year earlier.
Zalora, a fashion-oriented e-commerce site, has confirmed that it would sell its businesses in Thailand and Vietnam, a Zalora spokesperson was quoted by Forbes as saying.
The spokesperson said Bangkok-headquartered retailer Central Group would be purchasing the Thailand business, but did not reveal the purchaser of the company’s Vietnam operations, only saying that Central Group was not the buyer.
Foreign enterprises registered to put $6.88 billion in projects in Vietnam in the year to April 20, representing an 85% year-on-year increase, according to the General Department of Vietnam Customs (GSO).
During the period, foreign direct investment (FDI) committed to fresh projects soared 55.6% year-on-year to $5.08 billion while overseas players sought to add $1.8 billion to operational projects.
Vietnamese government agencies have said they have not found conclusive evidence showing the connection between Formosa’s steel mill and mass fish deaths along Vietnam’s central coast.
Two possible main causes to the environmental crisis are “toxic discharge from human activities on ground and at sea” and an algal bloom or red tide, said Deputy Minister of Natural Resources and Environment Vo Tuan Nhan at a 10-minute press meeting on Wednesday evening.