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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Vietnam likely to see 5 pct GDP trade deficit in 2015

Friday, December 05, 2014 > 10:13:40
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(Global Post)

Vietnam is likely to see a trade deficit of 6-8 billion U.S. dollars in 2015, which accounts for five percent of the country's gross domestic product (GDP), said a local report on Wednesday.

State-run radio Voice of Vietnam VOV on Wednesday quoted a report by the Ministry of Industry and Trade (MoIT) as saying that the country's trade deficit in 2015 will stop three consecutive years of trade surplus since 2012.

Statistics by the General Statistics Office showed that in the first eleven months of 2014, Vietnam spent 135 billion U.S. dollars on importing goods while exporting 137 billion U.S. dollars.

The country, thus, witnessed a trade surplus of around two billion U.S. dollars during eleven-month period, said the office.

Do Thang Hai, deputy minister of Vietnam's MoIT was quoted by VOV on Wednesday as saying that although Vietnam has enjoyed trade surplus in the past few years, the trade surplus capital inflow mainly comes from foreign invested companies while domestic companies maintain suffering from trade deficit.

"Trade deficit is a big problem to Vietnamese economy because as calculated, Vietnam will be able to make a trade balance by 2020," said Hai.


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