The nation's trade deficit this year is on track to shrink from last year's $10 billion to just $1 billion due to a sharp decline in imports, said Deputy Minister of Industry and Trade Nguyen Nam Hai.
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| Import and export goods are loaded and unloaded at Cat Lai Port in HCM City. |
The country's total export turnover reached $83.7 billion in the first nine months of the year, rising 18.9 percent year-on-year, according to the General Statistics Office (GSO). Exports to countries in Asia grew at the fastest pace (27.2 percent).
Meanwhile, the country's total import value during the period was $83.7 billion, rising only 6.6 percent year-on-year. Imports from China accounted for the highest proportion of this figure (24.7 percent), and imports of high-value items like gold and automobiles plummeted, allowing Vietnam to enjoy a trade surplus of $34 million through the end of September.
Hai said that this year's low trade deficit would help improve the country's international balance of payments and foreign exchange market.
However, the figures also reflected a slowing of domestic production and demand. The country's industrial production value and retail sales value rose in the first nine months of the year but at a much slower pace than in previous years, the GSO said.
It also noted that the inventory index of the industrial sector remained unchanged in September compared with the prior month, standing at 20.4 percent despite Government measures to support local producers.
