Vietnam’s 2011 Trade Gap to Narrow to $10b

Vietnam’s trade deficit this year will narrow to around $10 billion with exports expected to continue along a strong growth path to reach $95 billion by year’s end, a staterun newspaper reported on Wednesday.
Imports could rise 23.8 percent to $105 billion, leaving an annual trade gap of 10.5 percent of exports, below a government target of 16 percent for 2011, the An Ninh Thu Do (Capital Security) newspaper cited an Industry and trade ministry projection as saying.

The ministry’s projection is well below a forecast last month by the Planning and Investment Ministry of $12 billion and also below the government’s $14.5 billion target for the deficit.

The newspaper said the annual trade deficit forecast came after January-September exports rose 35.4 percent from year earlier to $70.03 billion, based on government data.

Higher prices of agricultural products, raw materials and minerals have contributed to growing export turover, the newspaper quoted director Nguyen Tien Vi of the trade ministry’s Planning Department as saying.

Last year, Vietnam’s annual trade deficit eased to $12.6 billion, from $12.87 billion in 2009, customs statistics show.

Reuters

Tags: Vietnam trade, Vietnam trade deficit 2011

Posted by VBN on Oct 7 2011. Filed under Economy News, Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry