Vietnam's exports are projected to increase 9.5% this year to $164 billion. (Photo: dichvuhanghai.com)
Vietnam is forecast to rake in $164 billion-$164.5 billion from exports in 2015, rising 9.3%-9.5% from a year earlier, below the 10% target set by the National Assembly (NA), the country’s supreme legislative body, the Ministry said in a report submitted to the government.
Its imports, meanwhile, are forecast to increased 13.5% year-on-year to $168 billion.
Accordingly, the Southeast Asian country is expected to run a trade gap of $4 billion this year, equivalent to 2.4% of total trade turnover, lower than the NA-set 5% ceiling.
Data of the government-run General Statistics Office showed that the country posted an estimated trade deficit of $3.78 billion in the January-November period, or 2.5% of total trade value. Domestic firms ran a trade gap of $18.8 billion while foreign-invested companies had a trade surplus of $15 billion.
In its latest report on Vietnam’s economy, HSBC forecast the country could run a trade deficit of $6 billion this year, up from $0.6 billion in 2014.
“[Current account] deficits are likely to become more commonplace in the coming quarters, based on our outlook for stronger domestic demand, and an attendant widening of the trade deficit. In 2016, we forecast the current account balance to slip into a deficit equivalent to 1.6% of GDP from an estimated 0.2% surplus in 2015 and a 5.1% surplus in 2014,” the bank added.