Vietnam Striving to Boost Exports, Curb Trade Deficit, CPI in 2010

The Vietnamese Ministry of Industry and Trade is trying to boost industrial production and exports; and keep close watch on prices of essential goods in the rest months of 2010 in order to curb the trade gap below 20% of the country’s exports and CPI below 7% approved by the National Assembly.

 

Minister Vu Huy Hoang said a meeting of the trade and industry sector held in Hanoi on March 8.

 

The ministry will work with the Ministries of Health and Agriculture and Rural Development to apply suitable technical barriers to limit imports of non-essential goods to curb the country’s trade deficit, Hoang said.

 

He added that the MoIT will disburse more funds for major projects to speed up their implementation process this year.

 

The MoIT’s market watchdogs will coordinate with other ministries and agencies in supervising prices of essential goods to avoid irrational hikes following power price increases, Hoang noted.

 

The minister urged state-run groups and corporations to join hands in ensure goods supply and stabilizing their prices in the domestic market.

 

The General Statistics Office estimated Vietnam’s trade deficit stood high at US$1.745 billion in Jan-Feb in comparison with the US$1.23 billion trade surplus of the same period last year.

 

The MoIT forecast Vietnam’s trade deficit will fall to US$12.14 billion this year from its revised figure of US$12.853 billion in 2009.

 

The ministry is striving to boost the country’s export value to US$60.54 billion this year and limit its imports at US$72.68 billion. (Trade & Industry)