Vietnam's export turnover up 50 percent during Tet holiday

Monday, 2018-02-26 03:38:02
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Export-import activities were handled at 108 customs departments during Tet (Source:
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NDO/VNA – Total export revenues during the week-long Tet holiday, which lasted from February 14-20, reached US$289 million, up nearly 50 percent against the same period of last year.

Meanwhile, import values during the Tet (Lunar New Year) holiday, the biggest festival of the year for Vietnamese, was US$604 million, a year-on-year rise of 45.7 percent.

According to the General Department of Customs, the export-import activities were handled at 108 customs departments, with nearly 5,100 declaration forms registered.

The agency said that only a nine-seat automobile worth US$16,500 was imported from Australia during the week.

Vietnam’s export turnover for January 2018 stood at US$19 billion, a decrease of 3.3 percent against December 2017 but up 33.1 percent compared with the same period of last year.

China was Vietnam’s largest export market with a turnover of US$4.5 billion, a 2.5-fold rise from the corresponding time last year, followed by the United States, the European Union, the Association of Southeast Asian Nations (ASEAN), Japan, and the Republic of Korea.

Meanwhile, Vietnam imported US$19.3 billion worth of goods in January, down 3 percent against December 2017 but up 47.4 percent year-on-year.

The numbers reflect a trade deficit of US$300 million in January. The General Statistics Office explained that businesses are importing more goods to serve the demand for production and consumption during the Tet holiday.

According to the Ministry of Industry and Trade, the country’s exports are set to face a range of difficulties in 2018, such as global economic uncertainties, impacts of sudden changes in economic and trade policies of major economies like the US and the EU, impacts from geo-political tension in the global financial sector, and increasing supply resources.