5:15:08 PM | 28/10/2008
Vietnam is estimated to fetch US$9.2 billion from goods exports to the ASEAN member countries in the first ten months of this year, a sharp on-year increase of 41 per cent, said the Ministry of Industry and Trade (MoIT).
The country spends US$17.7 billion on importing ASEAN products during the time, added the ministry.
These figures result in Vietnam’s huge trade deficit with the ASEAN bloc of US$8.5 billion, making up 52.14 per cent of the country’s total trade deficit during the period.
Local firms mainly imports machinery, consumer goods and materials from other ASEAN countries and exports crude oil, rice, seafood, fruit and vegetables, footwear, garment and textiles, wood products and electronic components.
Vietnam has faced trade deficit with ASEAN countries, including Singapore, Malaysia and Thailand for a decade, said the MoIT.
Vietnam’s trade deficit with the ASEAN bloc climbed to US$6.18 billion in 2006 from US$2.26 billion in 2002. Vietnam often imports goods from ASEAN via Singapore due to low capacity of Vietnamese ships.
ASEAN now accounts for nearly 35 per cent of Vietnam’s total import turnover and 16 per cent of the total export market share. (Investment, GSO)
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