[Round-up] Vietnam Sees Trade Surplus of $1.8 Billion, Binh Duong Attracts $25 Billion in FDI

Tuan Minh

23:05 28/07/2016

BizLIVE - Vietnam has reported a trade surplus of $1.8 billion in the year to date. The southern province of Binh Duong has so far attracted 2,713 foreign-invested projects with a total capital of around $25 billion.

[Round-up] Vietnam Sees Trade Surplus of $1.8 Billion, Binh Duong Attracts $25 Billion in FDI

Vietnam has reported a trade surplus of $1.8 billion in the year to date.

Digital Marketing Vital for Brands
Digital marketing has proved to be vital as a bridge bringing Vietnamese brand names to international markets, heard attendants at the Vietnam CEO Summit 2016 held in Hanoi on July 27 with the participation of Professor John Quelch from Harvard Business School.
The marketing tool is expected to be strongly developed in Vietnam in the near future as it enables the quick launch of new products and access to niche markets, the Vietnam News Agency (VNA) reported.
Int’l East-West Economic Corridor Trade, Tourism Fair Opens in Da Nang
The 2016 International East-West Economic Corridor (EWEC) Trade and Tourism Fair kicked off in the central coastal city of Da Nang on July 28, according to VNA.
The annual event, organized by the Vietnam Trade Promotion Agency and the Da Nang Trade Promotion Centre, features 300 booths of 200 domestic and foreign businesses from Thailand, Laos, Cambodia and Italy.
Binh Duong Attracts $25 Billion in FDI
The southern province of Binh Duong has so far attracted 2,713 foreign-invested projects with a total capital of around $25 billion, including $16 billion distributed to 1,635 projects that are underway in industrial parks.
Since early this year, more than $618 million of FDI has been invested in the construction of factories in industrial parks, according to deputy head of the Binh Duong Committee for Industrial Park Management Board Bui Minh Tri.
Japan’s ANA Closes Deal to Buy 8.8% Stake in Vietnam Airlines
Vietnam Airlines has completed the deal to sell an 8.8% stake to Japan’s ANA Holdings, according to an announcement from Citigroup Inc and Morgan Stanley, the consultants for the transaction.
The Vietnamese state-controlled carrier raised $108 million from this strategic stake sale to Japan’s largest airline group.
Vietnam Posts $1.8 Billion in Trade Surplus in Seven Months
Vietnam recorded an estimated trade surplus of $100 million in July, resulting in a surplus of nearly $1.8 billion in the first seven months of this year, according to the General Statistics Office (GSO).
The nation’s export turnover during the period rose 5.3% year-on-year to $96.83 billion, while its import value declined 1% to $95.03 billion.
Vietnam Retail Sales, Service Revenue Rise 9.4% to $90.3 Billion in Jan-July
Revenue of retail sales and services increased 9.4% year-on-year to 2,017 trillion dong ($90.3 billion) in the first seven months of this year, according to GSO.
Of the sum, retail sales reached $68.75 billion in the period, increasing 9.7% from a year earlier.
Vietnam Industrial Output Growth Slows to 7.2%
Vietnam’s index of industrial production increased 7.2% year-on-year between January and July, much lower than an expansion of 10% in the same period of 2015, buoyed by a 9.9% increase of the manufacturing and processing sector.
Ho Chi Minh City is in dire need of help from international organizations including the United States Agency for International Development (USAID) to encourage business startups and meet its target of having 500,000 enterprises by 2020, the Saigon Times Online cited a local government official as saying.
South Korean electronic components firm LG Innotek said today [July 28] that it would spend $230 million by 2018 to build a camera module factory in Vietnam’s northern port city of Hai Phong, The Korea Herald reported.
With the plant, which will produce camera modules for smartphones and vehicles, LG Innotek would capital on low labor costs in Vietnam where the monthly minimum wage is $155, around one fifth that that of South Korea and 40% lower than that in China.
Around 264,000 Chinese people went to Vietnam on vacations in July, bringing the total number of tourists from that country to 1.47 million in the first seven months of this year, data of the General Statistics Office (GSO) showed.
The number of Chinese visitors increased 54.5% year-on-year in the seven-month period.
Up to 64,122 enterprises were licensed to start operations in Vietnam in the first seven months of this year, translating into 302 a day on average, compared to 201 business exits per day, according to official statistics.
Vietnam posted a state budget deficit of 105.6 trillion dong ($4.73 billion) in the year to July 15, rising 27.38% from a month earlier, triggering concerns that its public debt would soon touch the upper limit.

TUAN MINH