Vietnam Exports Likely to Reach US$66B-US$67B This Year

Vietnam’s export value is likely to increase between 16.6% and 18.37% from a year earlier to US$66 billion and US$67 billion this year, outstripping the National Assembly’s and Government’s set target of 6%, an official from the Ministry of Industry and Trade said.

The ambitious forecast is driven by the country’s high export growth in the first half, Head of the Export and Import Department Phan Van Chinh said at an online meeting chaired by MoIT Minister Vu Huy Hoang July 6.

Vietnam is predicted to import between US$80 billion and US$81 billion worth of goods in 2010, up 16.23% and 17.68% on-year, said Mr. Chinh.

The nation’s trade deficit will make up about 21% of its total export value this year, failing to realize the NA’s cap of 20%.

In an effort to curb the country’s widening trade deficit, Minister Hoang urged ministries and agencies to join hands in supervising limited imports, and encouraging more locals to use made-in-Vietnam commodities.

Vietnam exported US$32.127 billion worth of goods in the first half, up 15.7% on-year, and spent US$38.855 billion on imports, up 29.4%, resulting in a trade deficit of US$6.73 billion, the General Statistics Office said in early July.

Tags: Vietnam export turnover 2010, Vietnam exports, Vietnam trade

Posted by VBN on Jul 11 2010. Filed under Import-Export, Import-Export turnover. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry