Vietnam’s trade deficit in 2012 expected at $13 billion

Vietnam’s trade deficit in 2012 is expected to stay at US$13 billion, equal to about 12% of total exports, according to the Ministry of Industry and Trade.
In 2012, Vietnam’s exports are projected to increase 13% against 2011 to achieve a turnover of about US$108.5 billion. Import spending is expected at about US$121.5 billion, up 14.6% year-on-year.

The ministry also reported that the total import value in the first 11 months this year reached nearly US$96 billion, of which domestic enterprises imported US$52.6 billion and the import volume of foreign firms reached US$43.5 billion. 11-month trade deficit was estimated to reach more than US$8.9 billion, accounting for 10.2% of total exports.

The country’s trade gap for the whole year is forecasted at about US$10 billion, equal to 10.4% of total exports, lower than the target set by the Vietnamese National Assembly.

Deputy Prime Minister Hoang Trung Hai said that the 2006-2011 period is very difficult because of the global economic crisis so Vietnam is also affected. Looking ahead, the Ministry of Industry and Trade will have to propose to the Government a trade deficit reduction plan for the 2011 – 2014 period, towards increasing the proportion of exports in processing industries and reducing the proportion of imported products that can be produced domestically.

According to Hai, the structure of the export market is shifting from Asia to Europe and America. Although the import spending has increased, it is still lower than planned. “In efforts to reduce the trade deficit, we must change the thinking about consumer, we need to push up the export ratio,” Hai said.

Tags: Vietnam trade, Vietnam trade deficit 2011

Posted by VBN on Dec 9 2011. Filed under 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