Vietnam Outlines Long-term Solutions to Boost Trade, Limit Deficit
The Vietnamese Ministry of Planning and Investment has mapped out various solutions to boost the country’s exports and narrow its trade deficit in the next years.
The ministry’s long-term solutions will focus on developing human resources in certain industries and supporting industry, the Thoi bao Kinh te newspaper cited the MPI as saying Friday.
Meanwhile, its short-term solutions will concentrate on measures to narrow imports from China and other Asian nations which Vietnam has incurred trade gap for years.
Vietnam will boost cooperation with nations having same exports such as Thailand (rice), Indonesia and Brazil (coffee), and Malaysia (woodwork products) in order to enhance export efficiency, the ministry said.
The Southeast Asian nation will focus on improving quality of export-supporting services such as logistics, transport and insurance.
The MPI’s solutions will also aim to regulate the country’s forex rate flexibly and ensure sufficient supplies of foreign currencies for export goods producers.
Vietnam is forecast to face an annual trade gap of $13 billion during the 2011-2015 period, making up 15% of the country’s total export value, the MPI said in draft plan on socio-economic development for the period.
The ministry forecast Vietnam’s trade gap will rise to $14.6 billion in 2011, equaling 19.5% of its total export revenue, compared to this year’s figure of $12.5 billion and $13 billion estimated by the General Statistics Office.
The deficit will narrow to $10 billion in 2015, in which, Vietnam is projected to earn $120 billion from exports and import $130 billion. (Vietnam Economic Times)
Vietnamese
