VN strives for trade balance by 2020

VGP – Việt Nam, in its 2011-2020 strategy, sets a target of achieving a balance of trade in 2020, Minister of Industry and Trade Vũ Huy Hoàng said.  

“It will require great efforts from both Government and businesses to reach that goal,” Minister Hoàng said at an online dialogue via the Government Web Portal on January 6.

According to the minister, in 2011 Việt Nam’s balance of trade was remarkably improved with an export turnover reaching US $96.3 billion, up 33% against the previous year.

The country’s trade deficit was over US $9.5 billion, down 25% compared to the previous year and equivalent to 9.9% of total export revenues.

This is an encouraging result, however, it will be difficult to maintain this figure in the coming years, Minister Hoàng noted.

He said that Việt Nam has always been a country suffering a trade deficit, as it has to import machinery, equipment, fuel and materials and other essential goods for daily use.

“We will have to continue imports if we don’t have a strong enough manufacturing and mechanical industry, lack support industries and prefer foreign goods to locally made ones,” he said./.