Vietnam posts trade surplus in first two months
HANOI - Vietnam has posted a trade surplus of 170 million dollars in the year's first two months, reflecting weak imports over the lunar new year holidays.
Exports rose 28.3 percent year-on-year to 5.56 billion dollars while imports expanded by a modest 4.2 percent to 5.39 billion dollars, according to preliminary data from the General Statistics Office (GSO).
In January, communist Vietnam had recorded a trade deficit of 350 million dollars.
"Enterprises could have imported more (materials) for production at the start of the year ... and they will export in the coming months," said Vo Chi Thanh, an official of the Central Institute for Economic Management.
Thanh cautioned that the figures say little about Vietnam's economy. "Although a trade surplus is always better for the economy, this figure does not explain much as it is recorded in just a short period," he said.
The GSO said crude oil exports were worth 1.34 billion dollars, up 32.2 percent, while receipts from rice exports grew 3.8 percent to 158 million dollars over the same period.
The country spent 760 million dollars on refined oil imports, up 19.7 percent. Despite having sizeable oil reserves, Vietnam still has no operating refineries and relies on imported oil products.
In the year's first two months, industrial production was reported at 78.80 billion dollars, an increase of 15.8 percent. The private sector recorded 21.7 percent growth compared to only 8.0 percent growth for the state sector.
Vietnam usually publishes its figures before the end of the month and they are sometimes revised later.
For the whole of last year, the country posted a trade deficit of 4.65 billion dollars -- the first decrease in the negative balance in six years -- thanks to higher oil and rice prices and a dynamic economy.
Agence France Presse - February 28, 2006.
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