Vietnam earned almost 1.2 billion USD from shipping more than 2.8 million tonnes of rice to foreign markets since the outset of this year, according to the Vietnam Food Association (VFA). The VFA also said that the domestic prices remain stable, ensuring profits for farmers. Mekong Delta provinces are currently planting summer-autumn crops across 1.7 million hectares and harvesting 3.54 million tonnes of rice in 650,000 hectares, favourable conditions for enterprises to collect material rice for export at the end of 2015. In 2014, Vietnam exported 6.32 million tonnes of rice, earning 2.84 billion USD and becoming the third largest rice exporter in the world after Thailand and India, according…
Vietnam’s trade deficit reaches 3.96 billion USD
Vietnam recorded a trade deficit of 936 million USD in the first half of July, bringing the total number since the beginning of this year to 3.96 billion USD. Statistics released by the General Department of Customs show that, in the reviewed period, total export-import revenues were valued at 13.38 billion USD, a 7.2 percent drop compared to the second half of June. Exports brought home nearly 6.22 billion USD, a decline of 16.1 percent, while imports were valued value at 7.16 billion USD, up by 2.3 percent. The increase in import value mainly stemmed from rising imports in a number of products, including crude oil (up 48 million USD),…
Garment exports to US likely to hit 11 billion USD
Textile and garment exports to the US is likely to reach 11 billion USD this year, said Dang Phuong Dung, Vice Chairwoman of the Vietnam Garment and Apparel Association. The figure may double after the signing of the Trans-Pacific Partnership (TPP) agreement, which will benefit businesses with tariff cuts for imports, she added. Vietnam’s garment and textile products normally are levied import duties of 15-16 percent. However, the taxes will be cut down to 7-8 percent after the country joins the TPP and the products meet the requirements of origin. Currently, the US is the biggest importer of Vietnamese garment and textile products, consuming about half of the total exports.…