Trade deficit nears $2.7 billion in five months

Despite export growth, Vietnam still saw a trade deficit of US$2.7 billion in the first five months this year, reported the Ministry of Industry and Trade.

Workers prepare salted shredded meat jars for export (Photo: SGGP)

Workers prepare salted shredded meat jars for export (Photo: SGGP)

Export turnover was estimated to reach $79.3 billion, a year on year increase of 17.4 percent. It was 6.3 percent during the same period last year. Import hit $82 billion, a year on year increase of 23.9 percent.
Because foreign direct investment capital was up 6 percent over the sam period last year to reach $6.15 billion in the first five months this year, the demand of importing machines, equipment, accessories and steel highly surged.
In addition, Vietnam Electricity, Vinh Tan 1 Thermal Power Plant and Thang Long Thermal Power Plant intensified purchase of machines and equipment to develop some energy projects. Military-run telecommunication group Viettel imported equipment for its 4G project.

By VAN PHUC – Translated by Hai Mien

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