89 percent of imports raw materials for domestic production: Ministry
Up to 89 percent of the imports in the first four months of this year are raw materials and accessories for domestic production with a combined value of 106.6 billion USD, up 16.8 percent year-on-year, according to the Ministry of Industry and Trade.
Hanoi (VNA) – Up to 89 percent of the imports in thefirst four months of this year are raw materials and accessoriesfor domestic production with a combined value of 106.6 billion USD, up 16.8percent year-on-year, according to the Ministry of Industry and Trade.
It reported on May 4 that Vietnam’s total imports expanded 15.7 percent year-on-year to an estimated 119.8billion USD in the period.
In April alone, the figure was estimated to reach 32.2billion USD, down 1.5 percent month-on-month and up 15.5 percent compared tothe same period last year.
Theimport of energy products strongly surged, partly due to scarce supply.
Notably, the import turnovers of gasoline and oil, coal, crude oiland liquefied natural gas surged by 146.9 percent, 123 percent, 63.7percent and 62.7 percent, respectively.
In addition, the import of other items also increased sharply such as petroleumproducts (up 30.3 percent), chemicals (up 29.3 percent), chemical product (26.71percent), fertiliser (73.3 percent), rubber (34 percent), mobile phones andaccessories (20.8 percent).
China was the largest market of Vietnam in the firstfour months, with an estimated turnover of 36.78 percent, up 8.3 percentcompared to the same period last year.
Vietnam alsoimported goods from the Republic of Korea, ASEAN, Japan, EU, and the US with respective values of 23.3 billion USD, 16.4 billion USD, 8.2 billion USD, 5.3 billionUSD and 4.7 billion USD./.
If breakthroughs in institutional reforms are achieved to improve growth quality, coupling with timely and sound fiscal and monetary policies, the Vietnamese economy could expand 6.76 percent a year during 2021-2023, according to Director of the Central Institute for Economic Management (CIEM) Tran Thi Hong Minh.
Despite trade deficit in the first half of 2021, experts still predicted that Vietnam will soon resume balance in the trade of goods thanks to the strong growth in production.
The shortage of raw materials due to the COVID-19 pandemic has disrupted supply chains, raised logistics costs and lengthened transportation time, making many businesses to face difficulties in production.
Trade remedies should be utilised more and in a more effective way to ensure fair competition and protect domestic production in the context of Vietnam’s deeper integration into the global economy through joining more free trade agreements (FTAs), according to experts.
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This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Illustrative image (Photo: VNA) 
