Vietnam July exports up 16% y/y, industrial production up 8.5%
Imports in July rose 17.8% to $40 billion, resulting in a trade surplus of $2.27 billion for the month, the National Statistics Office said in a report.
For the first seven months of this year, exports rose 14.8% over the same period of 2024 to $262.44 billion, while imports were up 17.9% to $252.26 billion, translating into a trade surplus of $10.18 billion.
The government said on Monday that imports and exports both increased sharply because firms were ramping up production to meet new orders.
Goods from Vietnam, a regional manufacturing powerhouse, have been slapped with a 20% tariff in the United States by the Trump administration.
The United States was Vietnam's largest export market over the January-July period, with shipments totalling $85.1 billion, the NSO said. China was Vietnam's largest source of imports, with a value of $101.5 billion.
Consumer prices in July rose 3.19% from a year earlier, the NSO said, adding that retail sales in July were up 9.2%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
5 minutes ago
- Reuters
Cathay Pacific shares fall more than 4%, a day after results
HONG KONG, Aug 7 (Reuters) - Shares of Cathay Pacific Airways ( opens new tab fell 4.5% in early trade on Thursday after the Hong Kong flagship carrier warned of declining airfares, challenges at its budget carrier and uncertain cargo market conditions. Stock of the airline fell to HK$10.36 per share, the lowest level since June 24. That compared to a 0.3% gain in the broader market (.HSI), opens new tab.
Reuters
an hour ago
- Reuters
Firms in Malaysia to boost tech, LNG purchases from US as part of trade deal
KUALA LUMPUR, Aug 4 (Reuters) - Multinational companies in Malaysia will buy equipment from the U.S. worth $150 billion in the next five years for the country's semiconductor, aerospace and data centre sectors, part of a deal with Washington to cut tariffs, its trade minister said on Monday. The United States announced last week that it would impose a 19% tariff on Malaysia starting from August 8, lower than a 25% levy threatened last month. State energy firm Petroliam Nasional Berhad ( opens new tab will buy liquefied natural gas worth $3.4 billion a year, while Malaysia will commit to $70 billion in cross-border investments in the United States over the next five years to address the trade imbalance between the two countries, minister Tengku Zafrul Aziz told parliament. The United States ran a goods trade deficit with Malaysia of $24.8 billion in 2024, government data showed. Tengku Zafrul said the two countries were finalising a joint statement covering the commitments made, following weeks of negotiations over the tariffs imposed by U.S. President Donald Trump's administration. "Despite expecting lower tariff rates, the ministry believes that these negotiations have succeeded in achieving a result that is reasonable with the offers made by Malaysia," Tengku Zafrul said. Other concessions by Malaysia include reducing or abolishing duties on 98.4% of U.S. imports, the easing of some non-tariff barriers, and the removal of a requirement for U.S. social media platforms and cloud service providers to contribute part of their Malaysian revenues to a state fund. Last week, Tengku Zafrul said tariff exemptions remained on Malaysian pharmaceutical products and semiconductors exported to the United States, and the government was seeking further cut-outs for commodities such as cocoa, rubber and palm oil. On Monday, however, he warned that semiconductor chips may still be subject to additional tariffs under U.S. laws based on national security reasons. "Therefore, we need to continue to be prepared for any possible additional tariffs imposed on the semiconductor industry," he said.
Reuters
an hour ago
- Reuters
Dollar holds losses on US economy concerns, Fed appointments
TOKYO, Aug 7 (Reuters) - The dollar remained lower against major peers on Thursday, as expectations of Federal Reserve rate cuts grew and concerns swirled about partisanship creeping into key U.S. institutions. Initial jobless claims in the United States are under scrutiny after last week's disappointing nonfarm payrolls, which triggered a slide in the greenback. Meanwhile, the euro found support ahead of anticipated talks next week to end the war between Russia and Ukraine. Last week, President Donald Trump fired the official responsible for the labour data he did not like, and focus is centring on his nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank. "All those things suggest that we're seeing those political risks around the U.S. dollar increase, and on top of that you've got the weak data coming through," said Tony Sycamore, a market analyst at IG. Any progress in ending the war in Ukraine "is going to be a positive driver of the euro," he added. The dollar index , which measures the greenback against a basket of major peers, edged up 0.1% to 98.259 in early trade in Asia, after a 0.6% slide in the previous session. The U.S. currency was little changed at 147.36 yen . The euro stood at $1.1654 , down almost 0.1% after a 0.7% jump previously. The U.S. Labor Department is expected to report that initial claims for unemployment benefits likely rose by 3,000 to 221,000 for the week ended August 2. Continued jobless claims for the week that ended July 26 are expected to increase slightly. Data last Friday showed U.S. employment growth was weaker than expected in July while the nonfarm payrolls count for the prior two months was revised down considerably, suggesting a sharp deterioration in labour market conditions. Fed funds futures traders are now pricing in a 94% probability of a 25 basis point cut at the Fed's September meeting, up from 48% a week ago, according to the CME Group's FedWatch Tool. In total, traders see 60.5 basis points in cuts this year. Trump could meet Russian leader Vladimir Putin as soon as next week, a White House official said on Wednesday, as the U.S. kept up pressure on Moscow to end the war in Ukraine. The president said on Tuesday he would decide on a nominee to replace outgoing Fed Governor Adriana Kugler by the end of the week and had separately narrowed the possible replacements for Fed Chair Jerome Powell to a short list of four. Sterling was steady at $1.33505 . The Australian dollar was little changed at $0.65 . Bitcoin edged 0.1% lower to $115,038.79.
