Vietnam Trade Deficit Seen at $6 Billion in 2015, Says Ministry

Tuan Minh

13:42 13/10/2015

BizLIVE - Vietnam could run a trade deficit of $5.5 billion-$6.0 billion this year, or 3.3%-3.6% of its total export turnover, after three years of trade surplus.

Vietnam Trade Deficit Seen at $6 Billion in 2015, Says Ministry

Workers at a shrimp processing factory in Vietnam's Mekong Delta. (Photo: Reuters)

The country’s exports are forecast to grow 10% year-on-year to $165 billion-$166 billion this year while imports are predicted to rise 16.5% from 2014 to $171 billion, the Ministry of Industry and Trade said on Monday.
The ministry noted that apparel exports could advance 10% year-on-year to $23 billion and rice shipments are likely to increase 2.7% to $2.8 billion. However, other staple products such as seafood, coffee and rubber could experience falls in export revenues this year due to a global downtrend of commodity prices.
Deputy Minister of Trade and Industry Tran Tuan Anh assessed that FTAs that Vietnam has signed will not have an immediate positive impact on Vietnam’s exports in the short term, but local firms should consider tapping opportunities from these pacts.
 

TUAN MINH