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Consumption helps reduce inventories
Signals of rebounding consumption demands in both the domestic and export markets over the past few weeks have encouraged imports among domestic producers, said the Ministry of Industry and Trade (MoIT).
The rebound has helped domestic producers clean out their inventory, opening opportunities for them to resume production, said the ministry.
After many months of being stuck with inventory overstock, domestic producers have finally been able to speed up imports of materials and equipment they need for production.
Imported goods entering the country, particularly through the Sai Gon port, have surged sharply in the past two weeks, up roughly 43 per cent over the same period last year.
Production in many industries, including seafood processing, vegetable oil, paper, footwear and fertiliser, has shown signs of rebounding in April after months of stagnancy. That month the country’s industrial production value was up 5.4 per cent over the same period last year, reaching nearly VND55.5 trillion (US$3.1 billion).
The increasing rates for steel, glass, gas, detergent and crude oil industries have reached from 22 per cent to 62 per cent.
The country’s import value in April reached $5.45 billion, up 8.2 per cent over the previous month and was roughly $256 million higher than MoIT’s prediction.
The goods most commonly imported in April were to serve production. For example, import value for materials used in the feed industry in April increased 34 per cent, petroleum was up 41 per cent and fertiliser was up 30.7 per cent.
The rising figures for materials used in the garment, wood, steel and automobile industries ranged between 7.2 per cent and 32.6 per cent.
MoIT forecast improvement in the country’s export turnover in the coming month, with an increase in the export of crude oil, agricultural produce, rubber, apparel, footwear, electronic and computer products, and woodwork.
VietNamNet, Viet Nam News
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