Vietnam Revises Down 09’ Export Growth Target to 3 per cent from 13 per cent

The Ministry of Industry and Trade has decided to lower 2009’s export growth to just 3 per cent from the initial target of 13 per cent due to adverse impacts of the global turmoil.

 

The MOIT has recently submitted a plan promoting exports and narrowing trade gap during the 2009-2010 period to the government of Vietnam.

 

The crisis has negative impacts on all aspects of the Vietnam’s economy, especially export activities, said the MoIT, elaborating that decreasing consumption demand has made export values and prices this year continue plunging with estimated decrease of between 30 per cent-40 per cent.

 

Vietnam will also cut crude oil export target, the country’s main cash earner, by 3.5 million-4 million tons this year and 5-6 million tons next year to serve for Dung Quat oil refinery, leading to the country’s falling export value.

 

The ministry revised its yearly export growth target to 10 per cent on average during the 2009-2010 from the expectation of 14.5 per cent and this year’s goal to 3 per cent or US$64.5 billion from 13 per cent or US$71.07 billion.

 

Under the submitted plan, the MoIT also aimed to change export structure with focus on boosting high-value exports and reducing raw materials of minerals, farm produce and fuel.

 

Last year, Vietnam exported US$62.9 billion of goods, up 29.5 per cent on year and imported US$80.416 billion of goods, up 28.3 per cent, and trade deficit widened to US$17.516 billion, the General Statistics Office said. (CPV, GSO)