Vietnam records US$1.8b trade deficit

Of those, the foreign direct investment (FDI) sector, including crude oil, had a trade surplus of US$2 billion. Domestic enterprises had a trade deficit of US$3.8 billion.

The figure was released by the Ministry of Planning and Investment on March 25.

Export turnover for the first quarter was evaluated at nearly US$35.7 billion, a year-on-year increase of 6.9%.

FDI sector exports excluding crude oil, reached US$24.02 billion, increasing by 16.2% compared with the same period last year and accounting for 67.5% of total export turnover.

FDI sector exports including crude oil, reached US$25.08 billion, a 12.9% increase.

Domestic enterprises' export value reached US$10.6 billion, decreasing by 5.1%.

Telephones and components, garments and textiles were key export commodities in the first quarter with export values of US$6.67 billion and US$4.75 billion, respectively.

Crude oil's export value fell by 31.2% with 1.063 million tonnes. Coal exports reached 609,000 tonnes, decreasing by 78.6%.

Total import turnover in the first quarter was estimated at US$37.5 billion, a year-on-year increase of 16.3%. Of those, the FDI sector overwhelmingly imported US$23.1 billion and domestic firms imported US$14.4 billion.

Bui Thu Thuy, deputy director of the ministry's Agency for Enterprise Development told Tuoi Tre (Youth) newspaper that export turnover in the FDI sector accounted for nearly 70% of the total export turnover. It showed that domestic enterprises are still facing difficulties accessing the export market.

She also said it was concerning that more than 80% of domestic enterprises didn't know about impending free trade agreements.

Small enterprises, which account for more than 97% of domestic enterprises, might be difficult to inform, she said.