Vietnam, in its 2011-2020 strategy, sets a target of achieving a balance
of trade in 2020, Minister of Industry and Trade Vu Huy Hoang said.
“It will require great efforts from both Government and businesses to
reach that goal,” Hoang said at an online dialogue via the Government
Web Portal on Jan. 6.
According to the minister,
in 2011 Vietnam ’s balance of trade was remarkably improved with an
export turnover reaching 96.3 billion USD, up 33 percent against the
The country’s trade deficit was over 9.5
billion USD, down 25 percent compared to the previous year and
equivalent to 9.9 percent of total export revenues.
This is an encouraging result, however, it will be difficult to maintain this figure in the coming years, Hoang noted.
He said that Vietnam has always been a country suffering a trade
deficit, as it has to import machinery, equipment, fuel and materials
and other essential goods for daily use.
have to continue imports if we don’t have a strong enough manufacturing
and mechanical industry, lack support industries and prefer foreign
goods to locally made ones,” he said./.