Vietnam Trade Ministry Urges Units to Boost Exports, Curb Trade Gap

The Vietnamese Ministry of Industry and Trade has urged its units to accelerate exports and curb trade gap below 20% of the country’s exports approved by the National Assembly this year.

 

Leaders of the ministry’s units were required to urgently carry out mandated duties and submit monthly reports on their implementation to the MoIT.

 

In an effort to realize the NA’s target, the MoIT mapped out some measures in late January such as boosting industrial production and trade promotion in key markets of ASEAN, the EU, North America and Russia and potential markets of the Middle East, Latin America and Africa.

 

The ministry will join hands with ministries and agencies to apply technical barriers to limit imports of non-essential goods such as cars and mobile phones to curb trade gap this year.

 

Accelerating the domestic trade via promotion activities is also among the MoIT’s measures to constrain the country’s trade deficit in 2010.

 

The MoIT is striving to boost the country’s export value to US$60.54 billion in 2010, up 7% from a year earlier and limit its import growth at 5.6% or US$72.68 billion, resulting in its trade deficit of US$12.14 billion compared to US$12.246 billion in 2009. (Labor)