Highly-valued Products Expected to Reduce Trade Deficit (16/04)
06/08/2010 - 26 Lượt xem
Addressing the Export Promotion Forum in Ha Noi on April 10, former Trade Minister Truong Dinh Tuyen said top priority should be given to the restructuring of export products, along with reforming export mechanism and policies, boosting trade promotion and ensuring the flexibility of exchange rates.
He also recommended that ministries, agencies and businesses focus on manufacturing products that Vietnam is importing a large volume and has strong point in order to substitute imports.
He also said the export of highly-valued products, such as garments, should be increased to substitute low-priced products.
To this end, according to the former minister, it is necessary to accelerate trade and investment promotion activities and reform administrative procedures relating to export operations, particularly customs and tax policies.
Mr. Tuyen also proposed that the Ministry of Industry and Trade map out a strategy to develop the supporting industries and focus on highly-creative industries such as communications, fashion and art craft industries.
Thai Doan Tuu, deputy head of the Trade and Service Department under the Ministry of Planning and Investment, shared Mr. Tuyen’s view, saying that it is necessary to pay more attention to reforming trade policies and forecasting the world demand.
Deputy Minister of Industry and Trade Nguyen Thanh Bien admitted that trade deficit is the current problem of the national economy. He said Viet Nam’s entry into the World Trade Organization makes the country integrate deeper into the world economy with increasing openness.
Over recent years, Viet Nam’s export has grown rapidly and stably, averagely at 20 percent a year. In 2007 when the country joined the WTO, its export value reached US$48.5 billion. However, its trade deficit has become bigger. In the first quarter of this year, while the export value rose nearly 23 percent year-on-year, the import value increased by nearly 62.5 percent.
Source: SGGP
