Vietnam’s export growth rate was modest at 5.7% in the first half of 2016, the lowest in the last five years. This has raised concerns that the 6.7% GDP growth rate may be unattainable, while state budget revenue will shrink.
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|Vietnam’s export growth rate was modest at 5.7% in the first half of 2016.|
A report of the General Department of Customs (GDC) shows that nearly all export items saw lower increases than that of the same period last year.
While Vietnam exported 4.6 million tons of crude oil in the first six months of 2015 and earned $2.14 billion, it sold 8.68 million tons of crude oil and LPG in the first half of 2016 valued at $2.4 billion.
According to the Central Institute of Economic Management (CIEM), Vietnam’s exports increased by 9.1% in the first half of the year, but the export turnover stayed at $82.1 billion because of the export price decrease of 3.85% on average.
CIEM’s head Nguyen Dinh Cung commented that the export capability of large enterprises like Samsung Vietnam, the biggest exporter, has hit the ceiling.
“They have been expanding in the last few years and the exports cannot increase continously,” he commented.
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