ECONOMYNEXT – Vietnam has recovered strongly as the country emerged from a Coronavirus pandemic and the country celebrates its national day on September 02, a statement said as exports foreign investment grew and tourists started to return.
“Production and business activities have returned to the normal state as before the Covid-19 epidemic appeared,” a Foreign Ministry statement said.
“However, our country’s economy is facing challenges such as high prices of input materials, especially gasoline prices.”
But inflation and macroeconomic balances were under control.
Inflation up to July was 2.54 percent.
Vietnam is celebrating its national day on September 02. Vietnam’s leader declared independence from French rule 77 years ago.
The country adopted a market economy in 1983, started reforming its central bank from 1989, and is now admired as a stable high-growth country drawing foreign direct investment and growing exports and imports.
Foreign direct investment realized in the first seven months was 11.57 billion US dollars up 10.2 percent from a year ago.
The processing and manufacturing industry drew 8.87 billion dollars and the real estate business 1004.8 million dollars.
Total external trade was 431.9 billion US dollars.
Exports in the first seven months of the year were 216.35 billion US dollars, with the domestic sector contributing 56.9 billion US dollars and the foreign investment sector 159.3 billion US dollars.
Import turnover was 215.59 billion US dollars, with the FDI sector accounting for 139.5 billion US dollars and the domestic sector 76.06 billion US dollars.
The US was Vietnam’s largest export market accounting for 72.6 billion US dollars and China was the largest import market with an estimated turnover of 72.6 billion US dollars.
There was a trade deficit of 42.2 billion dollars with China, a 23.5 billion deficit with Korea, a deficit of 7.9 billion US dollars with ASEAN, a deficit of 23.5 billion US dollars with Korea, a deficit of 769 million with Japan.
There was a trade surplus of 18.7 billion US dollars with the EU.
Bilateral trade between Sri Lanka and Vietnam grew to 460 million US dollars in 2021 from 287 million US dollars in 2020.
Exports from Vietnam in 2021 were 397.8 million US dollars up from 250.2 million dollars. Imports from Sri Lanka were 62.22 million up from 37.19 million dollars a year earlier.
Vietnam drew 954,000 foreign visitors in the first seven months of 2022, 10 times higher than a year earlier amid the Covid crisis but 90 percent lower than in 2019. (Colombo/Sep02/2022)