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1 billion USD clubs
Vietnam has several “US$1 billion clubs”, not only clubs of export items but other kinds of clubs: club of countries and territories with FDI capital of over $1 billion, club of provinces with FDI capital of over $1 billion, club of listed firms with capitalised value of over $1 billion, etc.
Club of $1bil export items
With only eight members, the exclusive club of export items with export revenue of over $1 billion had total export turnover of $19.134 billion in the first half of 2008, accounting for 64.4% of Vietnam’s total export revenue.
Compared to the same period of 2007, this club’s export revenue in the first half of 2008 rose by 33.3% or $4.952 billion. The figures prove the significant position of this “club” among Vietnam’s export items.
Crude oil has the highest export turnover, accounting for 18.9% of total export revenue, up 49% or $1.842 billion year on year, the highest rise among the 8 members of the club. The price of crude oil surged highly in the first half, up to 69.5%, bringing in $2.296 billion.
While the price soared, the export volume reached only 6.723 billion tonnes, a fall of 12.1% or 925,000 tonnes year on year. However, there is some good news: the crude oil price in the international market is around $145/barrel and may reach $150/barrel soon and from now to the year’s end Vietnam will put five new oil fields into operation (Gold Lion, Gold Tuna, The East, Song Doc and Bunga Orkid).
Textile-garments is the second-largest export item of Vietnam, accounting for 13.7% of the total export revenue in the first half of 2008, 17.7% or $614 million over the corresponding period of 2007.
The largest market for Vietnamese textile-garments is the US ($2.43 billion, accounting for 59.6%), the EU ($790 million), and Japan ($360 million). To fulfill the yearly target of $9.5 billion in 2008, in the next six months this sector must gain $5.423 billion or $904 million monthly from exports.
Footwear is the third-largest export item, making up 7.7% of total export revenue. Compared to the same period of 2007, this item gained an increase of 16.9% or $329 million in export revenue.
Seafood, the fourth-largest export product, accounts for 6.4% of total export turnover, up 14% year on year. This sector is facing difficulties in investment capital, capital to buy materials, diseases, etc. However, this sector is labour-intensive and doesn’t depend on imported materials so it has seen an increase of $232 million in export revenue over the same period of 2007.
Rice ranks fifth in the club, with growth of 99% or $751 million year on year thanks to an increase of 5.8% in volume and 88.1% in price. Thanks to a good winter-spring crop, Vietnam’s rice exports this year are expected to be at the same level or higher than last year in terms of volume. As the price is very high in the world market, rice export revenue may exceed $2.5 billion this year.
Wood products still saw growth in the past six months, up by 20.4% or $231 million year on year. Total export turnover may be $3 billion for 2008.
Electronics and computers also rocketed by 32.4% or $303 million.
Coffee suffered a fall of 31.7% or 265,000 tonnes in terms of volume but thanks to the price increase – 40.4% – coffee export turnover decreased by only 4.1% or $50 million.
Many more provinces with over $1 billion of FDI capital
The top seven cities and provinces in attracting FDI account for 89% ($27.537 billion) of the total newly registered investment capital in Vietnam in the first half of the year. These locations also host the largest FDI projects.
Some provinces that were not attractive to foreign investment in the past few years, such as Thanh Hoa and Ha Tinh, have entered the group of top destinations for FID.
The top seven investing countries and territories have registered to invest $28.711 billion in Vietnam, equivalent to 92.8% of the total newly registered capital.
The club of countries and territories that invest over $1 billion in Vietnam saw one new member, Canada, raising the total number of members to 18, with many changes in rankings.
Taiwan jumps from third last year to first at present, with $19.409 billion. Japan leaps from fifth to second with $16.472 billion, while Singapore falls from second to third with $16.180 billion and South Korea from first to fourth with $14.330 billion.
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