Trade activities aim for 10% growth
Vietnam has set its sights on an import-export growth of 10% year-on-year in 2014, with a particular focus on reducing the trade deficit.
“This is a big target, it means that the country has to earn US$147 billion while keeping the trade deficit at 6%, around US$9 billion,” Deputy Minister of Industry and Trade Tran Tuan Anh said in a recent exclusive interview with the Vietnam News Agency.
To realise the target, the ministry will increase trade promotion overseas with a view to boosting key Vietnamese export items.
Vietnam has 22 hard foreign currency earners such as seafood, wooden items, electronics, processed industry and transport, with export revenues of US$1 billion each year.
According to the Deputy Minister, Vietnam’s major export items, including agricultural products, clothing and footwear, are set to benefit from favourable conditions introduced by the Trans-Pacific Partnership (TPP) agreement which is expected to be concluded this year.
This is a big opportunity to increase the market share of the products and raise added value and quality, creating sustainable development with partners, he said.
2013 was a busy year for import and export activities. The country registered a year-on-year export growth rate of 15.4% to US$132.2 billion, for 5.4% higher than the plan set by the National Assembly.
In addition, the trade deficit was kept under control, marking the second consecutive year the country had maintained a positive trade balance.
Last year, Vietnam gained a trade surplus of US$863 million, creating positive changes in the management of import and export activities as well as the capacity of the economy, businesses, products and services.