Vietnam Approves Plan on Trade with China in 2007-2015
The Ministry of Trade of Vietnam has recently approved a plan on goods import-export the neighbor powerhouse China in the 2007-2015 period to boost its exports to US$5.4 billion by 2010 and US$11.1 billion at 2015 to narrow the trade deficit.
The plan focuses on four directions to boost bilateral trade between the two countries relating to export, import, trade deficit, and border trade.
Under the plan, Vietnam is expected to take four measures guiding enterprises to build business network, encouraging and assisting firms in export-oriented goods production, particularly boosting exports to China.
The ministry urged exporters to speed up goods exports to China to narrow trade deficit with the neighbor, develop export products with competitive advantages in Chinese market.
The government should accelerate the policy reform and encourage setup of distribution groups to hold larger market share.
Due to lower competitiveness, Vietnam always incurs trade deficit with China which climbed to US$2.81 billion in 2005 and US$3.8 billion in 2006.
In 2006, Vietnam bagged US$3.4 billion from goods exports to China while importing up to US$7.2 billion worth China-sourced imports.
Vietnam and China has targeted to obtain bilateral trade revenues of US$15 billion in 2010. (Vietnam & World Economy, www.moi.gov.vn)
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