VIetnam aims for trade balance by 2020

Vietnam is triving to achieve balance of trade by 2020 as well as a total import-export turnover three- times higher than in 2010 and average per capita income of more than $2,000.

This information was released by Pham Van Chinh, Head of Import-Export Department under the Ministry of Industry and Trade ( MoIT) at a seminar in Hanoi on April 10 held by "Mulilateral Trade Assistance Project Vietnam" (MUTRAP)
The meeting aimed to discuss the impact of international economic intergratrion of Vietnam economy and make recomendations concerning the implementation of the country's import-exxport strategy in the 2011-2020 period.

The MoIT will build a raodmap to gradaully reduce export of raw mineral resources and invest in processing technonologies to increase the value of exports.

It will re-examine items of low export earnings, but high future growth to make breakthrough in the export sector.

Delegates said it is also important for VIetnam to adjust imports by boosting the production of raw material, fuels, and accessories for businesses, diversifying import markets and improving the trade deficit with its current import markets.

To date, Vietnam has become involved in Free Trade Agreements (FTAs) with partners such as China, the Republic of Korea, India, Japan, Autralia, Newzeland and Chile. It also sighed an Economic Partnership Agreement( EPA) with Japan and is conducting FTA and Trans-Pacikfic PArtnership (TPP) negotiations and preparing to start and FTA agreement with EU.

This is a good opportunity to promote Vietnamese export and reduce imports, said mr Chinh

At the seminar, economists assessed the impact of opening various markets in line with the World Trade Organisation ( WTO) commitment and the FTA on Vietnam's production and trade, and devised
measures to perfect the MoIT mechanism to manage import-export activities in the future.

They also emphasized the need to continue tapping into other markets such as India and the RoK,
 and take full advantage of China, recnet trade policies to shore exports.

From 2001 to 2010, annual export value grew 17.42 percent, 1,42 percent more than the set target of 16 per cent. Imports also increased by 18.42 percent with the import surplus reaching $62 billion , 15.86 percent more than the export value.

need to remember:
+Capita income: thu nhập tính theo đầu người.
+Head of Import-Export Department under Ministry of Industry and Trade
+Country's import strategy in 2011- 2020 period.
+MoIT will bulid a raodmap to gradually reduce export of raw metarial resources and invest in processing technologies to increase the value of export.
+ To date, Vietnam has become involved in Free Trade Agreements with partner such as China....
+ Promote export and reduce import.
+ High future growth to make breakthrough in export sector.