Vietnam Trade Deficit Forecast at US$14.5B in 2011: Ministry

The Ministry of Planning and Investment has forecast Vietnam will incur a trade gap of US$14.5 billion next year, up from its estimated figure of around US$13 billion this year. The trade deficit will account for 19.6% of Vietnam’s export revenues in 2011, according to the MPI.

 

The Southeast Asian nation is predicted to earn US$74.25 billion from exports next year, up 10% on-year, and its imports will rise 9% on-year to US$88.8 billion, the ministry said.

 

The MPI has forecast Vietnam’s exports and imports will increase 18.2% and 16.5% to US$67.5 billion and US$81.5 billion in 2010, respectively.

 

The Ministry of Industry and Trade gave more optimistic forecast about the country’s trade value said at a meeting on Sept 6, state media reported, noting that Vietnam will fetch US$68.5 billion from exports and spend between US$80 billion and US$82 billion on imports this year.

 

The General Statistics Office estimates Vietnam incurred a trade deficit of US$8.155 billion between Jan and Aug, accounting for 18.32% of the total exports.

 

Vietnam’s exports rose 19.7% on-year to US$44.521 billion between Jan and Aug while its imports were up 24.4% to US$52.676 billion, the GSO added. (vneconomy.vn, GSO)