Vietnam likely to incur $10bln trade deficit in 2011

Vietnam is likely to incur a trade deficit of $10 billion in 2011, the Minister of Industry and Trade Vu Huy Hoang told the local newspaper Tuoi Tre (Youth).

The country’s trade deficit has continuously declined in recent years ($18 billion in 2008, $12.9 billion in 2009, $12.6 billion in 2010 and is likely to be $10 billion in 2011), Hoang added.

Vietnam is estimated to have earned $96 billion from export so far in 2011, the country’s two-way trade is likely to surge over$200 billion, leading Vietnam to stay on the fifth rank in the Association of Southeast Asian Nations (ASEAN) are after Singapore, Thailand, Indonesia and Malaysia, the Minister cited the latest updated figures from the MoIT.

In 2011, Vietnam gained its highest export turnover after 5 years of joining the World Trade Organization (WTO), rising 32% from 2010 and surpassing 3 times of the Congress’ target, Hoang said.

Source TEI/StoxPlus

Tags: Vietnam trade, Vietnam trade deficit 2011

Posted by VBN on Dec 7 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