Consumer Goods Account for only 6 per cent of Vietnams Imports

Value of Vietnam&rsquos consumer goods accounted for only 6 per cent of the country&rsquos total imports in the first half this year, a senior government official said on July 17.

 

The Vietnamese imported consumer goods, ranging from needles to luxury cars and even an airplane, valued at US$1.8 billion between January and June, out of total imports of US$30 billion, said Chairman Nguyen Duc Kien of the National Assembly&rsquos Economy and Budget Committee.

 

&ldquoVietnam is a member of the World Trade Organization and we must respect the demand for consumer goods of the people, and that figure (US$1.8 billion) wasn&rsquot very big for the goods which our people bought,&rdquo Kien told Thoi bao Kinh te newspaper.

 

Kien said Vietnam had trade deficits, which were at US$14.78 billion in the first half this year, because the country had to bring in huge quantities of machinery needed for the investment development.

 

&ldquoFor example, we have to import equipment valued at US$600 million for the Ca Mau power-fertilizer project which is necessary,&rdquo Kien noted.

 

Vietnam&rsquos total bills for machinery imports rose 45.4 per cent on year in the first six months this year to US$6.96 billion, according to government statistics.

 

Kien added that if the Vietnamese agree to reduce their sping, the government of Vietnam would reduce importing consumer goods in the next two years to save hard currencies for other investment purposes.

 

Vietnam targets total exports of US$61.2 billion and imports of US$80.2 billion this year, leaving a deficit of US$19 billion, compared with a deficit of US$12.44 billion. (Vietnam Economic Times)