By Khanh Vu
HANOI (Reuters) -Vietnam’s exports in August rose 14.5% from a year earlier to $43.39 billion, government data showed on Saturday, the first trade figures since a tariff of 20% on shipments to the United States took effect during the month.
Imports in the month rose 17.7% from a year earlier to $39.67 billion, for a trade surplus of $3.72 billion for the month, the National Statistics Office (NSO) said in a report.
Vietnam’s biggest market, the United States imposed the 20% tariff from August 7, while transshipments from third countries through Vietnam face a levy of 40%.
The Southeast Asian manufacturing hub reported total trade of $99.1 billion with the United States for the period from January to August, the statistics office said.
Vietnam’s trade with China stood at $117.9 billion during the same period, it added. Vietnam relies heavily on China for materials and equipment for its industrial production.
Global trade tension, along with geopolitical and military conflicts, is affecting production and supply chains, said Prime Minister Pham Minh Chinh.
“Growth in domestic consumption, exports and public investment has shown signs of slowing,” Chinh told a cabinet meeting in Hanoi, while also warning of mounting pressure on inflation and the exchange rate.
Industrial production in August rose 8.9% from a year earlier, while retail sales were up 10.6%, the report said.
Consumer prices in August rose 3.24% from a year earlier, the office said.
Vietnam is targeting economic growth this year of 8.3% to 8.5%, with a target range of 4.5% to 5.0% for inflation.
“This year’s growth target … is a difficult one, but we must reach it, however difficult it is,” Chinh added.
For the first eight months of the year, exports rose 14.8% from a year earlier to $305.96 billion, and imports were up 17.9%, at $291.97 billion, translating into a trade surplus of $13.99 billion for the period, the NSO said.
(Reporting by Khanh Vu; Editing by William Mallard and Clarence Fernandez)
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