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Viet Nam targets trade balance by 2010
06/08/2010 - 172 Lượt xem
To that end, the ministry has been working with relevant agencies to finalise paperwork for the European Union's consideration of the country's market economy status in hopes of boosting exports to EU market.
Once admitted to the World Trade Organisation (WTO), Viet Nam will also be able to find new markets for its exports.
Experts, however, warned domestic enterprises of their poor competitiveness, as demonstrated by their huge trade deficit of 31.96 billion USD during 2001-05.
They also pointed to the need for policymakers to further tap the potential of foreign invested enterprises, which managed to gain a trade suplus of 12.64 billion USD over the past five years.
Viet Nam expects to reduce its trade deficit to between 4 and 4.5 billion USD this year, accounting for 12 percent of import-export revenues.
The country's trade deficit reached the highest mark in 2003 at 9.86 billion USD.
Source: VNA 29/05/2006
