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Vietnam urged to boost exports and domestic production
Vietnam should boost its exports and domestic production to replace imported products, according to Noritaka Akamatsu, a leading financial economist from the World Bank (WB).
Mr Akamatsu, who is head of the Finance and Private Sector programme of the World Bank, told a workshop in Hanoi on July 22 that Vietnam’s 10-percent trade deficit is no great surprise, given fluctuations in domestic and global markets. However, he said that the situation would improve if correct management policies were put in place.
He suggested that Vietnam should make forecasts on the macro-level in two ways. First, the country should boost its domestic production and exports to replace the imports. Second, it should step up the mobilisation of capital for production, particularly through the stock market and the sale of bonds.
Deputy Minister of Industry and Trade Bui Xuan Khu said that if Vietnam keeps inflation in check for the remaining months of this year, its export value is estimated to reach US$61.2 billion, surpassing the Government’s set target. He said his ministry has asked craft associations and businesses to seek ways of reducing production costs and increasing production and export capacity.
To reduce the trade deficit, Mr Khu said the Ministry will either stop importing or increase import duties and other fees imposed on products which are not encouraged by the Government. It will also work with the banks to stop lending to businesses that plan to import these products.
VOV
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