Vietnam sees 2014 trade surplus of $1.5 bln on stronger exports


Growth in exports driven by manufacturing could give Vietnam a trade surplus of $1.5 billion this year, far surpassing its forecast of $500 million in July, according to the country’s trade ministry.

An annual surplus would be the third in a row for Vietnam, which posted its first in two decades in 2012, with cellphones and textiles continuing to bolster an economy constrained in the past few years by high levels of bad debt and weak consumer spending.

Vietnam’s exports this year are likely to touch $148 billion, surpassing the annual target of $145.4 billion, and an increase of 12 percent from 2013, the ministry of industry and trade said on its website late on Thursday (

Imports for 2014 may rise at a slower pace of 11 percent to $146.5 billion, the ministry said.

Despite structural weaknesses in its economy and the slow pace of banking reforms, privatisation and regulation, Vietnam remains a draw for multinational firms, including Microsoft and Intel, due to lower wages than China and the prospect of tariff-free exports to the European Union, the United States and Japan once a raft of trade deals go through.

The ministry expected exports to grow faster in the fourth quarter, having increased more than 14 percent to $109.6 billion during January-September from the same period last year. Imports were up 11 percent at $107.2 billion in that period.

Chemical exports outperformed other sectors, surging 71 percent in the past nine months, while exports of cellphones from firms like Samsung Electronics, climbed 10 percent to $17 billion.

Textiles and garments, which includes Adidas, H & M Hennes & Mauritz and Inditex’s Zara, rose 19 percent, netting more than $15 billion in the first nine months.

Most economists see a stable outlook for Vietnam this year, with faster manufacturing expansion in September spurring third-quarter economic growth of 6.2 percent, the quickest since the end of 2010.

Source : Thanh Nien Daily | October 3, 2014

Thomas D’Innocenzi


About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
This entry was posted in Business, Economy, Global Sourcing and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s