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At Dong Nai port, Bien Hoa city (Photo: VNA)

Vietnam’s trade surplus tops 8 billion USD in five months

Vietnam’s trade surplus hit 8.01 billion USD during January – May, with 156.77 billion USD in export revenue and 148.76 billion USD in imports, up 15.2% and 18.2% year-on-year, respectively, the General Statistics Office announced on May 29.

Of the total export earning, 43.69 billion USD came from the domestic sector and 113.08 billion USD from the foreign-invested one, rising 20.5% and 13.3% against the same time last year.

In the period under review, 26 kinds of products recorded export turnover of more than 1 billion USD each, or 90% of the total, including seven with over 5 billion USD.

The processing sector contributed some 137.39 billion USD to the total export revenue, or 87.7%, while the fuel and mining sector made up 1.3%, agro-forestry 8.8%, and fisheries 2.2%, cited VNA.

In the meantime, the domestic sector spent 54.95 billion USD on imports, and the foreign-invested one 93.81 billion USD, year-on-year increases of 24.2% and 14.9%.

The import of 27 groups of goods exceeded 1 billion USD each, with four recording revenue of more than 5 billion USD. Capital goods were the major imports in the period with an estimated value of 139.89 billion USD.

The US was the largest export market of Vietnam with revenue of 44 billion USD, while China was the leading import market of the country with 54.9 billion USD.

Also in the period, Vietnam enjoyed a trade surplus of 38.1 billion USD with the US, 14.3 billion USD with the EU, and 290 million USD with Japan. Meanwhile, it suffered a trade deficit of 32.3 billion USD with China, 11.1 billion USD with the Republic of Korea, and 4.2 billion USD from ASEAN.

PM Chinh invites his Singaporean counterpart to visit Vietnam soon

Prime Minister Pham Minh Chinh has invited Prime Minister of Singapore Lawrence Wong and his wife to make an official visit to the nation soon, with the invitation being graciously accepted.

PM Chinh had a phone conversation on May 29 in Hanoi with his Singaporean counterpart PM Wong on the occasion of his taking over as the fourth Prime Minister of Singapore.

During the course of the phone call, PM Chinh warmly congratulated PM Wong on becoming the fourth Prime Minister of Singapore.

The two PMs expressed their joy at witnessing the unprecedented and comprehensive development of joint ties in all aspects, especially in economics, including the network of Vietnam - Singapore industrial parks (VSIP) which is considered a symbol of successful economic co-operation.

Singapore represents the first country in Vietnam to establish the Green Economy - Digital Economy Partnership in February, 2023, with the two countries agreeing to bring relations to new heights in the near future.

PM Chinh went on to affirm that for the Vietnamese side, Singapore is always an important partner in the region, as well as in the world as a whole.

The Vietnamese Government will continue to closely coordinate with the Government of Singapore to make the strategic partnership between the two sides increasingly strong, substantive, and effective in a manner worthy of being a typical example of dynamic relations in ASEAN and a model to promote other intra-bloc cooperation mechanisms.

The nation is highly interested in replicating the VSIP model and will work to create favorable conditions for more new generation VSIPs to operate effectively in the nation.

The Vietnamese Government chief went on to thank the Singapore Government for always paying attention to training officials at all levels for Vietnam and suggested that the two sides augment defense and security links, including building the National Data Center. This should be done whilst promoting financial co-operation, education, training, tourism, and people-to-people exchanges to improve common understanding between the two.

The Singaporean PM stated that he will continue to intensify the exchange of delegations and high-level contacts at all levels, as well as bilateral cooperation mechanisms, especially annual meetings between both PMs in a bid to strengthen friendship and political trust, according to VOV.

Prime Minister Pham Minh Chinh at his May 29 phone conversation with his Singaporean counterpart Lawrence Wong.

Singapore keenly desires to work with Vietnam to effectively implement the Framework Agreement on Connecting the Two Economies and Vietnam-Singapore Green Economy - Digital Economy Relations, especially in the fields of clean energy and carbon credits. This will serve to create a premise to bring joint co-operation to a new level, both comprehensive and strategic.

Regarding specific issues, PM Wong highlighted the VSIP network as a beacon in bilateral economic ties, agreeing to promote new generation VSIPs in a greener and more suitable for development trends and priorities of Vietnam.

He also affirmed that he will ask the Ministers in the Cabinet to continue to pay attention and encourage businesses as they seek to expand new investments in Vietnam associated with improving the quality of FDI capital flows, prioritizing the field of high technology. This will be done alongside promoting the digital economy, circular economy, clean energy, semiconductors, and artificial intelligence (AI).

On regional issues, the two sides consented to reinforce ASEAN solidarity, support Laos in successfully assuming the role of ASEAN Chair in 2024, and pay due attention to the sustainable development of sub-regions in the region, including the Mekong sub-region. These efforts will serve to actively boost ASEAN's self-reliance, prosperity and sustainable development, along with promoting the regional bloc’s centrality.

On this occasion, PM Chinh respectfully invited the Singaporean PM and his wife to pay an official visit to Vietnam soon, with the invitation being accepted with pleasure.

Vietnam welcomes nearly 7.6 million int'l tourists in five months

Vietnam served nearly 7.6 million international holiday-makers in the first five months of this year, up 64.9% year-on-year and 3.9% compared to the same period in 2019 before the COVID-19 pandemic broke out, the General Statistics Office (GSO) reported on May 29.

Of them, 83.7% traveled by air, 14.2% by land, and 2.1% by sea, VNA reported.

International tourists visit Hanoi (Photo: VNA)

In May alone, the country accommodated nearly 1.4 million foreign arrivals, surging by 51% over the same period last year.

Favorable visa policies and attractive tourism stimulus programs in many localities were attributed to the rising number of foreign visitors to Vietnam, according to the GSO.

Revenue from accommodation and catering services in the reviewed period was estimated to reach 296.3 trillion VND (over 11.64 billion USD), an increase of 15.1% over the same period last year while travel tourism revenue totaled an estimated 24.2 trillion VND, marking a year-on-year rise of 45.1%.

According to a report from the World Economic Forum (WEF), Vietnam’s tourism climbed eight places in its Travel and Tourism Development Index between 2019 and 2021, making it one of the three biggest improvers in the world.

In 2024, the country ranked 59 among the 119 economies nationwide, reaching 3.96 points, down three places compared to 2021.

Key economic indicators show a positive growth pace in May

Industrial production continued positive growth with the index of industrial production in May expanding 3.9 percent against the previous month and 8.9 percent against the same period last year, the General Statistics Office reported Wednesday.

In the first five months, the index of industrial production was estimated to increase by 6.8 percent compared to the same period last year.

The total disbursed volume of State investment capital was estimated at VND190.6 trillion, equal to 26.6 percent of this year's plan and up 5 percent compared to the same period last year.

Foreign investment inflows increased by 2 percent to nearly US$11.07 billion from January 1 to May 20 while disbursement rose 7.8 percent to US$8.25 billion.

Outbound investment decreased by 57 percent to US$136.1 million, according to the General Statistics Office, cited VGP.

Industrial production in the January-May period expanded 6.8 percent against the same period last year.

Export value in May was estimated at US$32.81 billion, an increase of 5.7 percent against the previous month and 15.8 percent year on year. In the January-May period, export turnover was estimated at US$156.77 billion, up 15.2 percent year on year.

Import value in May was estimated at US$33.81 billion, up 12.8 percent compared to that of April and 29.9 percent year on year. In the first five months, export turnover was estimated at US$148.76 billion, up 18.2 percent against the same period last year.

The U.S. was the largest importer of Vietnamese goods with US$44 billion while China was the biggest exporter to Vietnam with US$54.9 billion.

Consumer price index in the first five months increased by 4.03 percent compared to that of the same last year.

Foreign arrivals to Vietnam soared by 51 percent to nearly 1.4 million in May and by 64.9 percent to nearly 7.6 million in the January-May period.

Vietnam aims for growth in the booming semiconductor industry

A seminar on cooperation in semiconductor industry development was held by the Vietnam Software & IT Services Association (VINASA) in Hanoi on May 29, as part of the Vietnam - Asia Digital Transformation (DX) Summit 2024.

In his speech at the event, VINASA Founding Council Chairman Truong Gia Binh gave insights into the global semiconductor market and laid stress on major opportunities for Vietnamese companies.

He revealed the establishment of the Vietnam Semiconductor Industry Development Committee by VINASA. This committee’s mission is to unite experts, businesses, and partners to accelerate the industry's growth through training, knowledge sharing, collaboration with authorities at all levels, and incentives for both domestic and foreign investors, cited VOV.

VINASA Founding Council Chairman Truong Gia Binh addresses the seminar.

With a compound annual growth rate of 14% over the past two decades, semiconductors is on track to become a trillion-dollar industry by 2030, said Deputy Director of the Ministry of Planning and Investment (MPI)’s National Innovation Center Nguyen Thi Le Quyen.

Underlining the anticipated surge in workforce demand, she said by 2030, China is projected to need 400,000 personnel, the US 67,000, and intense competition for talent is expected in the Republic of Korea (RoK), Japan and India. This underscores a critical need for Vietnam to prioritize workforce training and development in this field.

An MPI-led scheme on workforce development for the semiconductor industry by 2030 with orientations to 2050 anticipates a need for roughly 50,000 engineers, including 15,000 majoring in chip design and 35,000 in manufacturing, packaging, testing, and related areas. To achieve this, Vietnam needs to train 1,300 lecturers for research institutions, universities, training facilities, and businesses. Additionally, the training network needs to expand to encompass 200 establishments.

Nguyen Thien Nghia, Deputy Director of the Authority of Information Technology and Communications Industry under the Ministry of Information and Communications, stressed the importance of cultivating a supportive ecosystem for chip manufacturers, saying that such will enhance Vietnam's appeal to major manufacturing corporations, potentially attracting more semiconductor chip production activities to the country.

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