Vietnam is likely to realize the National Assembly’s target of curbing its trade deficit below 20% of the country’s total export value this year, Head of the Export and Import Department Phan Van Chinh said.
The target is attainable, given no more sudden surges in imports in the fourth quarter, Chinh said at an online meeting of the Ministry of Industry and Trade on Sept 6.
Vietnam’s exports will report an on-month fall in September in which a long-holiday on the occasion of the National Independence Day falls in, he forecast, adding that exports will rebound from Oct to December.
The Southeast Asian country’s export value will reach $68.5 billion in 2010 if its monthly revenues from exports are averaged at $5.9 billion in the fourth quarter.
Meanwhile, Vietnam is forecast to import between $80 billion and $82 billion worth of goods this year if its monthly import spending is averaged at $7.3 billion and $7.4 billion in the last quarter.
As a result, the nation’s trade deficit will range between $11.5 billion and $13.5 billion, equal to 16.79% and 19.7% of its export sum.
During the meeting, MoIT Minister Vu Huy Hoang urged production firms to take measures to reduce input costs, solve the shortages of skilled labor and production materials and boost exports of high-value processed products in the remaining months of the year.
The minister also requested local firms, especially state-run groups and corporations to use more domestically-made machinery, equipment and materials for big projects, aiming to narrow the country’s widening trade deficit.
The General Statistics Office estimates Vietnam incurred a trade deficit of $8.155 billion between Jan and Aug, accounting for 18.32% of the total exports.
Vietnam’s exports rose 19.7% on-year to $44.521 billion between Jan and Aug while its imports were up 24.4% to $52.676 billion, the GSO added. (Trade & Industry, GSO, STD)
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