[Round-up] Vietnam Posts $400 Million Trade Deficit in November, Business Formations Hit Record High

Tuan Minh

21:29 29/11/2016

BizLIVE - Vietnam had an estimated trade gap of $400 million in November, compared to a deficit of $445 million in October. As many as 101,683 enterprises were established in Vietnam in the 11 months through November, marking an all-time high. 

[Round-up] Vietnam Posts $400 Million Trade Deficit in November, Business Formations Hit Record High

Vietnam had an estimated trade gap of $400 million in November, compared to a deficit of $445 million in October.

Vietnam Retail Sales, Services Revenue up 9.5% in Jan-Nov
Total revenue of retail sales and services increased 9.5% year-on-year to 3,201 trillion dong ($141.63 billion) in the 11 months through November, according to the General Statistics Office (GSO).
Of the amount, retail sales reached $107.5 billion in the 11-month period, rising 9.6% over the same period last year.
Vietnam Posts $400 Million Trade Deficit in November
Vietnam had an estimated trade gap of $400 million in November, compared to a deficit of $445 million in October, partly putting pressure on the USD/VND exchange rate, according to official statistics.
As a result, the country’s trade surplus dwindled to $2.84 billion between January and November.
Foreign Firms Gain $21.24 Billion Trade Surplus in Jan-Nov
Foreign-invested enterprises operating in Vietnam posted a trade surplus of $21.24 billion in the 11 months through November, versus a trade gap of $18.4 billion incurred by domestic firms.
Their export turnover increased 8.7% year-on-year to $114.1 billion, accounting for 71.5% of the country’s total value. They spent $92.8 billion on imports in the 11-month period, rising 3.6% year-on-year.
U.S. Remains Vietnam’s Largest Export Market
The U.S. continued to be the largest export market for Vietnam, with the latter shipping $34.7 billion to the former between January and November, up 14% from a year earlier. The EU followed with $30.5 billion, China with $19.6 billion and Japan with $13.2 billion.
China, meanwhile, remained the biggest goods supplier for Vietnam in the 11-month period, with $44.6 billion, down 1% year-on-year. The runners-up were South Korea with $28.9 billion and ASEAN with $21.2 billion.
Foreign Investment Pledges in HCM City Plunge to $1.34 Billion in Jan-Nov
Foreign direct investment approvals in Ho Chi Minh City touched $1.34 billion in the year to Nov. 15, shrinking 57.4% from the same period last year, municipal statistics showed.
The real estate industry attracted the biggest investment inflow, at $326.8 million. The manufacturing and processing sector followed with $87 million and information with $56.7 million.
Taiwan was the largest investor when pouring $260.2 million into the city, followed by Japan with $130.7 million and Singapore with $107 million.
HCM City Licenses 32,500 Firms in Jan-Nov
As many as 32,494 enterprises with a combined registered of 259.8 trillion dong ($11.5 billion) were set up in Ho Chi Minh City in the year to Nov. 15, up 15.4% in number and 45.7% in capital.
Meanwhile, 23,779 companies halted operations between January and October, soaring 24.5% year-on-year.
Long An Rolls out Red Carpet for Foreign Investors
The Mekong Delta province of Long An has taken many measures to improve its investment environment in order to attract foreign investors, the Vietnam News Agency (VNA) reported.
According to a provincial report, Long An has had 828 registered FDI projects with a total capital of $5 billion. Of which, 459 projects have been put into operation, accounting for 60%, and FDI disbursement hit $3 billion.
Quang Ninh Calls for Japanese City’s Investment in Agriculture
During a working session with a delegation of Asahikawa’s government officials and businesses on November 28 in Quang Ninh, the northern province of Quang Ninh called on investors from Japan’s Asahikawa city to seek partnership with local firms, especially in agriculture, VNA reported.
Dang Huy Hau, vice Standing Chairman of the provincial People’s Committee, highlighted that Quang Ninh has a large market both at home and abroad for agricultural products, adding that local farm produces are diverse and abundant, especially aquatic products.
Vietnam Goes up 11 Places in WB Tax Rankings
Vietnam has climbed 11 places to 167th position in terms of paying taxes in the World Bank’s (WB) 2016 Doing Business report as tax authorities abolished 32 administrative procedures and streamlined 40 others.
The improvement was highlighted at a dialogue on taxation and customs policies and procedures held by the Finance Ministry and the Vietnam Chamber of Commerce and Industry in Hanoi on November 28.
Vietnam’s budget overspending reached 171.9 trillion dong ($7.6 billion) in the year to November 15, down 8.76% from a month earlier, as the government strives to increase budget collections and prevent public debt from hitting the ceiling.
As many as 101,683 enterprises were established with a combined 797.7 trillion dong ($35.4 billion) in registered capital in Vietnam in the 11 months through November, up 17.1% in number and 48.1% in capital against the same period last year, according to government data.

TUAN MINH