Getting near to annual export targetsUpdate: 12/11/2014
(VEN) - In October, the index of industrial production (IIP) increased by 4.6 percent compared with September, significantly contributing to consecutive growth of this index in the first 10 months. In the same period, the export value strongly increased with the 10-month trade surplus reaching US$1.9 billion. These results are expected to help the industry and trade sector achieve its 2014 growth targets ahead of schedule.
Breakthroughs in processing, manufacturing industries
The Planning Department under the Ministry of Industry and Trade (MOIT) said that in October 2014, the IIP increased by 4.6 percent compared with September and 7.9 percent compared with October 2013. In the first 10 months, the index grew 6.9 percent - this growth was higher compared with the same period last year. The IIP of key industries such as mining, processing, manufacturing, electricity generation and distribution considerably increased, by 0.7-11.5 percent. The MOIT affirmed that industrial production continued to increased and the IIP growth in the first 10 months of 2014 was higher compared with that in the first eight months of 2013 (5.3 percent), the first nine months of 2013 (6.7 percent) and the first 10 months of 2013 (5.4 percent).
Along with production growth, the sales index of the processing and manufacturing industries slightly increased by 0.8 percent in October compared with September and was 14.3 percent higher compared with September 2013. The sales index of many groups of products grew over 10 percent, reducing inventories and increasing the export value. In early October, the growth of inventories in the processing and manufacturing industries considerably decreased compared with September (2.4 percent compared with September 1, 2014, much lower compared with 11.6 percent on September 1 compared with August 1, 2014).
Trade surplus reaches nearly US$1.9 billion
Thanks to measures taken by the MOIT, business associations and businesses to boost exports in recent times, the export value of October 2014 reached US$13.2 billion, up 4.5 percent compared with September and 5.5 percent compared with October 2013. In the first 10 months, the export value reached an estimated US$123.1 billion, a rise of 13.4 percent compared with the same period last year. Notably, the export value of processing industry related products accounted for a considerable percentage of the total, significantly contributing to the export growth.
The MOIT has provided guidance for businesses to boost exports in the last two months of 2014 through seeking new markets, focusing on potential markets in Africa, the Middle East and Latin America, and promoting agricultural product and seafood exports to Russia.
Meanwhile, the import value in October 2014 reached an estimated US$13.6 billion, up 2.9 percent compared with September and 8.8 percent compared with October 2013. In the last 10 months, the import value reached an estimated US$121.2 billion, a rise of 11.2 percent compared with the same period last year. So Vietnam recorded a trade surplus of approximately US$1.9 billion in the first 10 months of this year.
In the first 10 months of 2014, the export value of businesses with 100 percent domestic capital increased by 12.9 percent compared with the same period last year (in the first 10 months of 2013, the export value grew a mere 3.2 compared with the same period of 2012). This was a good sign of domestic production recovery.
Total retail sales of goods and services in October reached an estimated VND251.19 trillion, a rise of 1.6 percent compared with September. In the first 10 months, the index reached an estimated VND2,399 trillion, up 11.1 percent compared with the same period last year but lower than the 12.6 percent growth of the same period last year. According to the MOIT, weak purchasing power was the main reason, and if price increases were not taken into account, total retail sales of goods and services in the first 10 months were just 6.4 percent higher compared with the same period last year./.
By Duy Minh- http://ven.vn