Vietnam’s export turnover reaches 79.3 billion USD in five months. (Photo: VNA)Hanoi(VNA) – Vietnam exported about 79.3 billion USD worth of commodities in thefirst five months of 2017, an increase of 17.4 percent from the same periodlast year.
According to the Agency for Foreign Trade under the Ministry of Trade and Industry (MoTI), the USremained the country’s largest buyer, followed by the EU, China, ASEAN, Japanand the Republic of Korea.
The trade deficit hit2.7 billion USD, accounting for 3.4 percent of the export turnover, raisingconcerns that continuous trade deficit for months might harm the economy.
But many economistsbelieved the trade deficit was still within an acceptable level and it isnormal for a developing economy like Vietnam while the country integrates moredeeply into the global trade and joins free trade agreements. Furthermore,domestic production has rebounded, motivating imports.
To gain tradebalance, the MoTI plans to tighten control on goods of which imports are notencouraged and facilitate local manufacturing of similar items.
It may also usetrade remedies against several imported goods to encourage consumption ofmade-in-Vietnam products.-VNA
VNA
