Industrial and trade sector tackles trade deficit

The Ministry has introduced seven groups of long and mid-term solutions to reduce trade deficit: (1) boosting the exports of competitive advantages and turning potential commodities into key exports, such as furniture, fine art works, bicycles, and handbags; (2) Producing competitive products and auxiliary industries, speeding up domestic production, and providing materials, components, spare parts for export and consumption; (3) Taking technical measures and standards for industrial production and trade in comply with the WTO regulations and other international agreements. The Ministry will impose new technical standards on goods of big turnover which directly influence on production, consumption, public health and environment; (4) Boosting international integration and cooperation through negotiating and signing bilateral and multinational agreements on free trade areas in favor of Việt Nam's exports; (5) Working with commercial partners to reduce their imports into Việt Nam and increase exports to their markets; (6) Adjusting the exchange rates with a view to attracting more foreign capitals, encouraging export, limiting import and keeping inflation in control; and (7) Preventing prodigality in production, capital construction, consumption and the use of domestic resources.

The Ministry urges State-owned corporations and enterprises to responsibly control cost prices of their products and monitor the performance of their agents to minimize speculation and price escalation.    

By Vũ Thúy