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Task huge for Vietnam to cut trade deficit with ASEAN

The task of cuting trade deficit with ASEAN is huge for Vietnam as it involves a wide range of efforts from reforming technology to improving product quality, according to trade officials.
Task huge for Vietnam to cut trade deficit with ASEAN ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) – Thetask of cutting trade deficit with ASEAN is huge for Vietnam as it involves awide range of efforts from reforming technology to improving product quality, accordingto trade officials.

With a population of over 600million and a growing income, ASEAN is an important trade partner for Vietnam butthe problem the country faces is that it imports more than it exports.

Vietnam has been unable tonarrow the trade deficit, which has been about six billion USD since 2010.

By October, 2016, Vietnam’sexports to ASEAN hit 14.2 billion USD but imported goods worth 19.1 billion USDfrom the market, creating a deficit of around five billion USD so far this year.

Myanmar has been a bright point ofVietnam’s exports to ASEAN countries, with export growth rate surging by 93.5percent in 2013, 51.7 percent in 2014, 9.5 percent in 2015 and 22 percent bythe end of May, 2016.

According to experts, theformation of the ASEAN Economic Community (AEC) has facilitated trade amongmember countries, allowing goods from other ASEAN countries to enter Vietnameasily and pushing Vietnam’s import bill higher.

On the other hand, Vietnam’sgoods have not been very competitive internationally and faced fiercecompetition and technical barriers to ASEAN markets, slowing down Vietnam’sexports to ASEAN countries.

Another problem is that Vietnameseenterprises lack information on clients and rivals to successfully penetrateASEAN markets, according to Pham Minh Hoa, from the DongAnh Electrical Equipment Corporation, adding the Ministry of Industry and Trade (MoIT) should do more tohelp enterprises.

Pham Thu Hang, General Secretaryof the Vietnam Chamber of Commerce and Industry, said to boost exports toASEAN, Vietnamese enterprises need to reform administration and build appropriatebusiness plans, boost linkages, improve competitiveness and capability to meetmarket demands.

Enterprises should be flexibleand sensitive in identifying and seizing opportunities offered by the AEC tocreate long-term plans.

An expert from the Department ofProcessing and Trade for Agro-Forestry-Fisheries Products and Salt Productionunder the Ministry of Agriculture and Rural Development, advised enterprises toprovide updates on legal regulations, especially food safety, and reformtechnology to produce high-quality products.

A representative from the MoITsaid information on ASEAN markets will soon be published on ministry’s website.

𝓰 The MoIT’s E-Commerce Departmentalso has a general information channel on markets as well as export-importtariff charts.-VNA

VNA
#ASEAN #VCCI #AEC #trade deficit Vietnam ASEAN

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