Illustrative image (Source: VNA)According to the General Statistics Office, in the first sixmonths of this year, Vietnam suffered trade deficit of 1.47 billion USD.
Meanwhile, General Department of Vietnam Customs reported thatas of July 15, Vietnam’s import-export revenue reached over 345 billion USD. Withimports of over 174 billion USD as compared to 171 billion USD in exports, the country had seen trade deficit of over 3 billion USD.
Notably, 31 types of goods recording import revenue of over1 billion USD, while 25 groups of goods enjoying exports of more than 1billion USD.
However, Deputy Minister of Industry and Trade Do Thang Haiheld that the majority of spending was on materials, signaling the rapidrecovery of domestic production. Many production facilities have receivedorders to keep them busy until the end of the third quarter or the whole year,causing an increase in imports of materials, he said.
Besides, economists asserted that a number of businesseshave increased imports of materials for reserve to take advantages of low pricesin current period, so that they will have enough materials despite COVID-19impacts.
With strong imports of materials for production and therapid recovery of the global market, Vietnam will record growth in exports inthe rest of the year to balance trade soon, they said.
Deputy Director of the Import-Export Department under theMinistry of Industry and Trade Tran Thanh Hai, export activities are normallybusier in the last months of the year. However, in order to complete the targetof 4-5 percent growth in export revenue in 2021 and trade surplus for the wholeyear, it is necessary to make stronger economic breakthroughs.
He advised businesses to make full use of advantages from signed free trade agreements (FTA) to increase exports, especially of strong productssuch as farm produce, garment and textile. He pledged that the ministry willsupport them in seeking markets and partners, removing administrative obstaclesand promoting e-commerce.
Dr. Nguyen Thuong Lang from the National Economics Universityheld that along with grasping opportunities from FTAs, Vietnamese firms shouldcontinue to improve their product quality.
General Director of May 10 Garment Company Than Duc Viet underlined the needfor businesses to adapt to the ‘new normal’ situation to rise.
With joint efforts of authorised agencies and businesses,experts are optimistic about the balance of national trade in the rest of theyear./.
VNA
