On November 17, Ministry of Industry and Commerce headed by Vu Huy Hoang held a meeting with National Assembly deputies, to discuss issues like controlling trade deficit.
According to Vu Huy Hoang, the reasons behind the trade deficit are the growing demand of economic development and price rise for the imported products like steel, fertilizer, plastics, petroleum and fibre.
After the WTO accession, the country failed to forecast the market properly. However, accelerating the export products like garments and textiles, footwear, furniture, electronics, agricultural and especially high-tech products would help in reducing the trade deficit.
Hoang also said that Government must support and develop industries for the production of machineries, equipment and also for raw materials which can bring imports down.
The Minister was optimistic that, country's import will decline, by 2015, as a number of oil refineries and steel ore plants all over the country will start production. In addition, the fertilizer plants in southernmost Ca Mau Province and northern Ninh Binh Province will also start giving outputs.
The apparel industry also plans to manufacture one billion metres of cloth will also relieve the current trade deficit for the country.
The minister also divulged that even though the situation is grim, Vietnam has seen a rise 20 percent in the growth rate of exports.
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