4:32:05 PM | 5/9/2008
Vietnam is forecast to incur a US$2-billion surplus of trade deficit from the expected figure of US$20 billion for the whole year, Industry and Trade Minister Vu Huy Hoang said at a meeting September 3.
The country’s export value will not obtain high growth as the export of some staples like rice, coffee and pepper have reached peaks, and price advantage of several items do not exist, stressed Hoang.
In principle, imports often soar in the last months of the year to serve for growing demand for Lunar and Solar New Year holidays, therefore the country’s trade deficit likely to hit US$22 billion this year, the minister added.
To deal with the situation, the minister urged relevant departments to keep close watch on import activities and give out exact import forecast in an effort to realize the government’s assigned targets.
In the first eight months of the year, Vietnam saw a huge trade deficit of US$15.96 billion, up from the on-year revised figure of US$7.33 billion, said the General Statistics Office (GSO).
Vietnam's imports are forecast to increase 31 per cent on-year to US$80.2 billion this year, lower than the previous target of US$85.7 billion set by the government, while the country will attain an on-year export growth of 26 per cent to US$61.2 billion, said the ministry. (Labor, Pioneer, GSO Aug 2008)
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