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Vietnam trade deficit triples to $16.9 bln in first half
Vietnam estimated its trade deficit would more than triple to $16.9 billion in the first half of this year as imports soared 64 percent, a local newspaper reported on Monday.
The government is expected later this week to release full data on trade and inflation, which reached 25.2 percent in May, as the imbalance and rising prices strain the developing economy and hurt domestic investor confidence.
The official Lao Dong (Labor) newspaper cited Planning and Investment Ministry statistics as recording January to June imports would surge to $45.5 billion while exports would rise 27 percent from the first six months of 2007 to $28.6 billion.
The trade deficit was $5.2 billion during the first half of last year while the full-year trade deficit was $12.4 billion, according to government data.
"This is causing imbalance to the payment account and is the factor triggering fluctuations in the foreign exchange rates recently," the Vietnam Labour Confederation-run newspaper said.
The daily exchange rate set by the State Bank of Vietnam, the central bank, values the Vietnamese dong 9 percent higher against the dollar than the black market rate. On Monday, the central bank set the rate at VND16,450 to the dollar, while the unofficial rate was about VND18,000 to the dollar.
Vietnam has total foreign exchange reserves of $20.7 billion, State Bank of Vietnam Governor Nguyen Van Giau told international investors last week.
The Planning and Investment Ministry has forecast exports to rise 37 percent this year to $83 billion, above the government's initial projection of 20-25 percent, but that the trade gap would widen to $30 billion.
Thanhnien
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