Friday, April 13, 2018



Samson: Vietnam enjoys $2.7b trade surplus in Q1

 13th April, 2018

Việt Nam witnessed a trade surplus of nearly US$2.7 billion in the first quarter of this year, according to a report from the General Department of Customs.

This far exceeds the previous estimated figure of the General Statistics Office of $1.3 billion.
The report revealed that export value in the first quarter reached $55.6 billion, up by $11.1 billion, or 24.8 per cent, year-on-year.

In Q1, there were more than 10 export commodities with a turnover of billions of dollars.

Key commodities that achieved high growth include phones and components of which export value reached nearly $12.6 billion, an increase of nearly $5 billion, or 62.3 per cent, over the same period of 2017.

Textiles and garments’ export value touched $6.4 billion, up 14.9 per cent; computers, electronic products and spare parts reached $6.3 billion, up 14.1 per cent; and footwear amounted to $3.4 billion, up 10.6 per cent.

Agriculture products also recorded high growth. Fishery’s export turnover was $1.8 billion, increasing by 17.6 per cent; vegetable and fruit $970 million, up 38.5 per cent; and rice $745 million, up 38.1 per cent.

The export turnover of coffee was estimated at $1 billion and ranked second in the group of agriculture products but was up only 0.1 per cent over the same period last year.

On the opposite site, import turnover in the first quarter reached $52.9 billion, with imports by the domestic sector touching $21.2 billion, and that of the foreign-invested sector was $32 billion.  LINK


Samson:  Modest growth for Vietnam World Bank

13th April, 2018

In contrast with previous optimistic forecasts for Việt Nam’s economic growth in 2018, the World Bank (WB) has estimated a modest figure of 6.5 per cent, 0.2 percentage point lower than the National Assembly’s target.

In their latest East Asia and Pacific economic update announced on April 12, the WB said Việt Nam’s economy will continue to be stable and sustainable but with a very conservative growth increase compared to predictions from other international organisations, at about 0.1 to 0.6 percentage points lower.

Sudhir Shetty, World Bank Chief Economist for the East Asia and Pacific region, said since Việt Nam’s agricultural sector had recovered strongly in 2017, the country will find it hard to achieve an economic breakthrough in 2018.

Đinh Tuấn Việt, senior economist at the WB in Việt Nam, added that the report was made without the preliminary data for Việt Nam’s economy in the first quarter.

Việt said the WB is cautious and wants to continue collecting data before issuing further predictions.

As for the rest of 2018, the WB says Việt Nam’s slow structural reforms can make the current recovery process weak, slowing growth in the medium term. In addition, poor budgetary control will hinder poverty reduction as well as human resource investment.

On another hand, the country’s current levels of trade turnover and foreign investment are high, making Việt Nam’s economy vulnerable to protectionism-related risks.

These risks require further steps to enhance macro-economic resilience, including the continuation of flexible exchange rate management, foreign exchange reserves strengthening and stricter monetary policy application, in line with the State Bank’s monetary growth policy, said Việt.

In the fiscal sector, revenue-expenditure reforms need to be deepened, including expanding the tax base, rationalising the public administration and increasing the efficiency of public investment.

In addition, reforms within the State-owned sector, such as regulatory improvement for investment, including capital and land, should be carried out simultaneously to ensure the country can maintain stable growth.

"Việt Nam has grown into a much larger economy, so 1 per cent growth now and 1 per cent growth in the past five years require different amounts of effort," he added.

The WB report emphasises that although the outlook for Việt Nam’s economy in the short term is generally favourable, there are still great challenges.

Since the end of the first quarter, different forecasts for the country’s economic future in 2018 have been published.

The Central Institute for Economic Management (CIEM) estimated that economic growth in 2018 may reach 6.67 per cent, while the Vietnam Institute for Economic and Policy Research (VEPR) gave a higher number of 6.83 per cent.

Other organisations such as the Asian Development Bank and the Hongkong and Shanghai Banking Corporation Limited, varied greatly in terms of growth rates for Việt Nam in 2018, ranging from 7.1 per cent as one of the strongest growth in the region, to 6.5 per cent.   LINK


Samson:  The rise in global gold reserves in Nissan and Iraq maintainsthe 37th position globally

12th April, 2018

The World Gold Council, on Thursday, the rise of the world's gold reserves in April this year, while noting that Iraq has maintained 37th place globally and fifth in the world reserves.

"The world's reserves of gold rose for the month of April by 54 tons from the month of March to reach 33 thousand and 827 tons," the Council said in a statistic published on its website and viewed by the SNG, noting that "the United States still ranks first in the world in terms of these reserves Which amounted to 8.133.5 tons, followed by Germany with 3.373 tons.

The Council added that "Iraq has maintained the rank 37 in the world in terms of these reserves out of the 100 countries listed in the international financial statistics of the global reserves of gold, while Iraq also maintained the fifth place in the Arab world, followed by Saudi Arabia and Lebanon and Algeria and Libya ".

The Council noted that "Iraq's gold reserves remained stable, recording 89.8 tons, which represents 7.8% of the rest of the other currencies," noting that "the last purchase of Iraq from gold was in April 2014, where he bought 15.16 tons."

On January 23, 2014, the Central Bank decided to set up a series of pure gold bullion ranging between 50 g and 1000 g for sale to gold dealers, investors and segments of society wishing to do so in Iraqi dinar.   LINK

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