Vietnam Set to Obtain Trade Surplus by 2010

“Vietnam’s exports will excess imports in 2010” is the goal set by the Ministry of Trade at the National Trade Conference on the March, 1^st 2006. In the next five years, exports will continue to be the key driver of economic development. This year, trade deficit must be managed fewer than 12 per cent in comparison with 14.8 per cent of last year.

 

The socio–economic development strategy in 2006-2010 also highlights the goal of ending the trade deficit. To this end, the Ministry of Trade will maintain the policy of reducing imports of consumer goods that domestic producers can supply, and to strengthen exports.

 

The Ministry of Trade has estimated that this year, Vietnam’s exports turnover will reach US$38.44 billion, 18.5 per cent higher than last year. Service exports will be US$6.2-6.7 billion, increased by 10-12 per cent. Of which state run enterprises take will US$15.99 billion, and foreign investment enterprises US$22.45 billion.

 

The achieve the above, Vietnam will improve the production capacity of goods that are possible to enlarge the production scale as textile and garment, footwear, electronic and computer components, woodwork, plastic, bicycles and spare parts, electric wire and cables. In addition, Vietnam will increase the export value of goods that are scale limited such as aqua products, rice, coffee, and cashew. Vietnam will rearrange the market structure and look for new markets such as increasing textile and garment products to the EU and Japan, foot wares to the USA; find new market for mechanicals products and shipbuilding.

 

To address the conference, Prime Phan Van Khai emphasized the goal of strengthening exports in the coming time. Because this cause great affect on entire the economy. Increasing exports will force the economic structure movement and create more jobs. Enterprises will have the chance to apply modern technology to improve their competitive ability. He especially highlighted the “Experiences of China has shown that, after 20 consecutive years of trade surplus, China has had the largest foreign currency reserves in the world. Vietnam should further trade surplus to increase the national foreign currency reserves which is an effective way to stand with changes of the world market”.