Three solutions to reduce imports from China
(VOV) - Vietnam needs to reduce its dependency on China by boost domestic production and exports, and increasing consumption of Made-in-Vietnam products and increasing exports.
Deputy Minister of Industry and Trade Do Thang Hai made the remark at his ministry’s at a recent press briefing. At present, Vietnam’s major exports to China include processed farm produce, seafood, cashew nuts and rubber while its major imports from China are materials relating to garments and textiles, leather shoes and aquaculture feeds.
Hai said that two most direct ways to reduce the trade deficit with China are to increase exports and reduce imports.
According to the Ministry of Industry and Trade, in the first four months of the year, Vietnam’s export turnover to China increased by 28.4%. This is an impressive figure and the best way to reduce the trade deficit, Hai added.
He also underlined the needto strengthen domestic production and encouraged Vietnamese people to use Vietnamese goods. If a population of 90 million priotize using Vietnamese goods, it will help generate a huge turnover to thus reducing imports from China.