Vietnam PM gives nod to import, export strategy

The nation’s new import and export strategy has been approved to triple total export turnover in 2020. Under the strategy for 2012-20 and its vision to 2030, it sets out specific targets to reach an average export growth rate of between 11-12 per cent a year between 2012-20.
The strategy aims for an average annual export growth rate of 12 per cent between 2011-15, 11 per cent for 2016-20 and 10 per cent for 2021-30. The growth rate of imports was expected to be lower than the export growth rate.

It also aims to gradually minimise the trade deficit to below 10 per cent of export turnover in 2015 and to balance trade by 2020.

It has targeted four export groups: energy, minerals, agro forestry products and processed industry items. Exports will be developed in a sustainable and reasonable manner while focusing on high added-value exports.

For imports, the strategy is to actively adjust the growth rate of imports and develop the production of fuel and raw materials for export sectors so as to meet domestic demand and develop support industries as well as strictly controlling the importation of goods, thus helping to minimise the trade deficit for the long term.

The strategy is also aimed at meeting a need to import machines and high-tech equipment for local production in order to save energy and raw materials.

In addition, Vietnam needs to expand its export markets, especially to countries which have signed Free Trade Agreements with Vietnam (trade bloc member countries sign a free trade agreement which eliminates tariffs, import quotas and preferences on most (if not all) goods and services traded between them).

The strategy, which came into effect under Decision No 2471/QD-TTg targets by 2020 to have 46 per cent of exports going to the Asian market, 20 per cent to Europe, 25 to America, 4 to Oceania and 5 to Africa.

Vietnam News

Tags: Vietnam exports, Vietnam exports 2012, Vietnam trade

Posted by VBN on Jan 6 2012. 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