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Last updated: 24/09/2008, 1:42 CH - View: 3519
Accelerate export, rein trade deficit and execute 2008 plans

During the first half of 2008, total export revenue achieved USD 30.6 billion, increasing by 35.8% against the same period last year, the highest increasing rate compare to some recent years. This is the result of the rising of price as well as quantity of exported goods, in which price accounts for 65% and 35% is of quantity increase. There are some big changes in exported goods mechanism. The rate of processed, industrial and fine arts goods, rising by 60.3% compared to the same period last year while the rate of raw material and mineral has been reduced. In July 2008, total export turnovers were estimated increasing, achieved USD 6.2 billion, higher than the average rate of the first six months of 2008

 

Import turnovers in 6 beginning months of 2008 were estimated USD 44.8 billion, increasing by 61.6% against last year’s same period. Import turnover rose because of the rising price of input factors, reducing tax under WTO commitment and the rising of domestic demand. The balance of trade has been improved. Trade deficit was decreased, reached USD 14.2 billion, equal to 46.5% of the first six months’ export revenue. According to the latest figure, trade deficit in July is on the decrease, estimated about USD 800 million, reached Government’s goal. Gas ranked the first in exported goods list: USD 1.3 billion, then machine: USD 1.2 billion. However, about 3000 vehicles of many kinds have been imported, adding to the import value USD 217 million.

 

 

To achieve the export value of USD 61.2 billion in 2008, rising by 28% against the same period of 2007, Ministry of Trade suggested that it is necessary to implement urgent solutions in the next 6 months, as below:

 

 

- Improving the quality of exported goods (compare to the tradition goods like agricultural, forestry, sea food products)

 

 

- Expanding production scale, renovating technology, enhancing production and exported goods which hold large export turnovers.

 

 

- Improving the quality of trade promotion, focus on producing and exporting non-quota products which use many domestic raw materials.

 

 

- Attracting more FDI in electronic production, especially in developing auxiliary industries, boosting service export

 

 

- Exploiting traditional markets. Enhancing the ability to approach new information and technology to detect and overcome technical barriers

 

 

Together with implementing those solutions, Prime Minister urged Ministries and relevant agencies to find out solutions to encourage and support export by granting credit to ensure the ability to buy equipments and material for exporting, encouraging the use of multi-currencies in trading and ensuring the stable interest rate for enterprises doing business in producing and exporting goods.

 

 

Besides, to control imported goods and trade deficit in 2008, Ministry of Trade has been applying series of solution to stabilize market, ensure the balance of supply and demand for some essential goods, improve the quality of examining imported goods and use technical barriers to restrict importation.

 

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