Trade gap is on the decline
VGP – Export turnover is expected to reach around US $4.9 billion while import volume remained high at US $6.2 billion in January, said the General Statistics Office.
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| In 2010, the Government strives to keep the trade gap below 20% of export turnover – Illustration photo |
The rate of trade gap dropped from a record high of over US $2 billion last November and US $1.9 billion last December to only US $1.3 billion in January.
The Lunar New Year Festival is one of the main reasons effecting the drop of trade gap since there is no demand for imported input materials and equipment to produce consumer goods, explained economic experts; on the other hand, new tariff regulations have been put into implementation since January 1, 2010 which raise up the import costs. In contrast, the export turnover during this month has hit a high record of US $3.719 billion, up 28.1% against the same period last year.
In addition, the global economic recovery and international trade surge have also helped lower the trade gap. However, trade gap still is a key problem of 2010.
The PM has recently issued Document 2600/TTg-KTTH on instructing ministries, sectors and local authorities to push forward exportation while continuing to control the gap in 2010 and keep the import rate to not exceed 20% of the export rate.
Necessary measures to boost export are: revilalizing trade flows at the border gates; increasing trade promotion; encouraging the development of auxiliary industries and the consumption of agricultural products; stepping up production of good commodities and food; and seeking various distribution channels for primary goods.
The Ministry of Industry and Trade was entrusted to draft out the export development policies; design national trade promotion programs; apply import quotas, tariff quotas and import licenses in order to limit certain types of imports which may harm the people, the environment, crops and domestic animals.
The PM has asked the Ministry of Fiance (MoF) to explain the procedures for value-added tax refund on real exports at the same time carrying out customs administrative reforms and the pilot project on export credit insurance.
The Ministry of Planning and Investment, in collaboration with the MoF, will supervise and encourage in-depth investment of State-owned enterprises for better production.
By Kim Anh
