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PM rejects under US$ 3 billion trade deficit goal for 2019

VGP – PM Nguyen Xuan Phuc disagreed with the goal of under 2% trade deficit (US$ 3 billion) proposed by the Ministry of Industry and Trade after the unprecedented record export in 2018.

January 17, 2019 3:03 PM GMT+7

PM Nguyen Xuan Phuc (center) at the summary conference of the MoIT, Ha Noi, January 17, 2019 - Photo: VGP/Quang Hieu

 
The Government chief made the point on January 17 while attending the summary conference of the MoIT. 

In 2018, some preset norms were fulfilled even surpassed. Viet Nam’s industry and trade made up 80% of GDP, accounting for 0.29% of global GDP (Viet Nam used to account only 0.18% in previous years). 

In 2018, total export turnover hit over US$ 482 billion; trade surplus was US$ 7.2 billion, three times higher than that of 2017. Viet Nam had 29 exports in the over US$ 1 billion export turnover club. For the first time, agro-export turnover reached over US$ 40 billion. 

The PM also praised the MoIT for streamlining a large number of business conditions. 

However, the Government chief also frankly pointed out shortcomings including the slow adjustments of strategies and planning; the lack of modern technology and spearhead industries; weak connectivity among enterprises, domestic and foreign ones; inappropriate technological transfer; and slow engagement into the global value chains. Especially, the problem of counterfeit, poor-quality products, trade frauds occurred complicatedly. 

Regarding the tasks and preset goals for 2019, PM Phuc disagreed with the MoIT’s goal of US$ 3 billion trade deficit following the record trade surplus in 2018. The Government chief stressed that total retail sales of goods and services should increase by 12-13%. 

PM Phuc tasked the ministry to accelerate the progress of privatization, capital withdrawal, and SOEs restructuring in a more practical and effective manner. 

The MoIT was urged to keep a close watch on domestic and international markets for more flexible and timely actions. 

The Government chief also stressed the importance of combating corruption and wastefulness and administrative disciplines./.

By Kim Anh