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VN ENJOYS $2.7B TRADE SURPLUS IN Q1
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.
The fourth industrial revolution (Industry 4.0) requires social security network and insurance agencies to make drastic change and enhance the application of technology to meet demands of labor market and laborers.
Social security mechanism and regulations will have to be changed since the fourth industrial revolution and free movement of labour have led to new kinds of jobs and ways of working, Deputy Prime Minister Vũ Đức Đam has said.
The Mekong Delta province of Kien Giang is calling for investment in 81 projects in fields such as tourism, commerce, the environment and high-tech agriculture. Pham Vu Hong, chairman of the provincial People’s Committee, said the projects would run until 2020.
The Government has issued a decree to update provisions of the Labour Code relating to wages. The newly issued decree, which will take effect from November 1 this year, details regulations for wage scales, payroll and labour productivity norms.
Heads of state from across Southeast Asia on September 12 hailed the technological opportunities for the region in the Fourth Industrial Revolution (4IR).
Secretary of the HCM City Party’s Committee Nguyen Thien Nhan on September 16 received Chinese State Councilor and Foreign Minister Wang Yi.