Vietnam to Import US$59 Bln worth of Goods This Year

Vietnam is estimated to spend up to US$59 billion on the imports of goods this year to feed its fast-growing economy and urbanization, up 31.4 per cent on-year, said the Ministry of Trade and Industry.

 

China and ASEAN bloc will account for 20 per cent and 25 per cent, respectively, of the country’s market exports, the ministry noted.

 

Vietnam is forecast to face a trade deficit of US$11 billion this year, which will account for 22.9 per cent of the country’s export values of an estimated US$48 billion in 2007, it added.

 

Trade experts attributed the big trade deficit to the nation’s market opening and import tariff cut in accordance with WTO commitments, adding that Vietnam has not yet built an efficient import control mechanism.

 

Vietnam’s goods export revenues are estimated to climb to more than US$39 billion in the first ten months, up 18.6 per cent on year. Meanwhile, imports grew even faster to US$8.6 billion in the January-October period, which caused trade deficit to an estimated US$9 billion by the end of the year. (Investment)