Chuck Kuhn's Asia in Photos: Vietnam posts record trade deficit of $11 billion in first four months of 2008

Friday, April 25, 2008

Vietnam posts record trade deficit of $11 billion in first four months of 2008

Vietnam posted a record trade deficit of $11.1 billion in the first four months of 2008, driven by a sharp hike in oil and gas, construction materials and fertilizer imports, officials said Friday.
Imports from January to April reached $29.4 billion, up 71 percent year-on-year, while exports amounted to $18.3 billion, up 27.6 percent, the General Statistics Office (GSO) said.
Imports of oil and petroleum products were up by 70 percent, totaling nearly $3.8 billion, the GSO said.
Imports of steel and fertilizer in the period rocketed respectively by 153 percent and 165 percent from last year.
Vietnam imported cars worth a total of $991 million, up 333.2 percent year-on-year, prior to the government's decision to increase the import duty on cars from 70 percent to 83 percent.
Export revenues mainly came from crude oil and textiles.
Crude oil exports amounted to nearly $3.5 billion, up 46.2 percent compared to the same period last year, while textiles and garment exports were valued at $2.6 billion, up 24.5 percent.
Vietnam exported 1.6 million tonnes of rice in the period, up 11.6 percent against the same time last year, bringing in $775 million.
The country attracted $7.2 billion of foreign direct investments over the period, up 52.9 percent year-on-year.
Vietnam's industrial production was estimated at $13.4 billion, increasing 16.4 percent against the same period last year.

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They say "

“I can’t say what made me fall in love with Vietnam - that a woman’s voice can drug you; that everything is so intense. The colors, the taste, even the rain. Nothing like the filthy rain in London. They say whatever you’re looking for, you will find here. They say you come to Vietnam and you understand a lot in a few minutes, but the rest has got to be lived. The smell: that’s the first thing that hits you, promising everything in exchange for your soul. And the heat. Your shirt is straightaway a rag. You can hardly remember your name, or what you came to escape from. But at night, there’s a breeze. The river is beautiful. You could be forgiven for thinking there was no war; that the gunshots were fireworks; that only pleasure matters. A pipe of opium, or the touch of a girl who might tell you she loves you. And then, something happens, as you knew it would. And nothing can ever be the same again.”
― Graham Greene, The Quiet American

Tips on Travel to Vietnam

It's always warm in Southeast Asia apart from high mountains, so leave the heavy clothing at home. Cotton and breathable fabrics are always better than synthetics -- although cotton does wrinkle a lot when traveling! December through April is roughly the dry season in that region, although it can still rain a little. December is a good time to go in terms of temperature -- cooler than in the humid summertime. Either way, wearing more clothing (shirt sleeves and long pants) is always more respectful towards the Asian culture, especially when visiting temples and rural areas.