VN eyes US$ 3 billion trade deficit in 2019

The MoIT convened a summary meeting on January 17 in Ha Noi to review outstanding performance in 2018 and set goals for 2019. 

Unprecedented record export turnover

Addressing of the event, Minister of Agriculture and Rural Development Nguyen Xuan Cuong assessed that a large number of industrial breakthroughts emerged besides oil and gas production  and outstanding enterprises included Truong Hai 2 automobile manufacturer and Vinfast electric motorcycle brand. In addition, industrial economic structure progressed drastically. 

Trade sector also witnessed the unprecedentedly record export turnover of US$ 245 billion amidst global economic difficult time. 

Noticably, all large markets namely the EU, the U.S, Japan, and China expanded positively. Moreover, Viet Nam had 30 commodities with over US$ 1 billion of export turnover. 

In 2018, total trade turnover was estimated at US$ 482 billion, representing a year-on-year growth of 12.64%. 

Deputy Minister of Industry and Trade Hoang Quoc Vuong was quoted as saying that total export turnover was projected at US$ 244.7 billion, up 13.8% against 2017, fulfilling the preset goals of both the National Assembly and the Government. 

Moreover, overseas shipment of domestic enterprises was on the rise with US$ 69.2 billion, up 15.9%. 

Key goals for 2019

In 2019, the sector targets to raise industrial production index (IPI) by 9-10%; earn US$ 265 billion of export turnover (representing a year-on-year growth of 8-10%); import US$ 268 bilion of goods (up 11.7%). Trade deficit will be about US$ 3 billion. Total retail sales of goods and services will increase by 11.5-12%. 

To fulfill the aforesaid goals, the MoIT will proactively implement projects and plans to restructure industries and trade; produce competitive products; and deeply integrate into the global value chains. 

The MoIT will develop and tap traditional and potenal markets; import high-tech and modern machines, equipment, input materials which have yet been domestically made. In addition, the sector will effectively control imports of luxury goods and unnecessary commodities.

Effective FTAs will be enforced. The MoIT will actively prepare for fruitful implementation of new-generation free trade agreements./.

By Kim Anh