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Government releases import/export strategy aimed at trade balance

Update: July, 31/2012 - 10:15

HA NOI — The Government has released its import and export strategy for the next eight years with an orientation towards 2030.

The strategy targets an export growth of 11-12 per cent a year to 2020 and for imports 10-11 per cent.

The trade deficit would be reduced to less than 10 per cent of the total export turnover by 2015, to reach a trade balance by 2020 and a trade surplus from 2021 onwards.

To meet targets, the strategy required ministries and agencies to restructure and issue policies to encourage the development of export commodities whose competitiveness, growth rate and added value were high. The commodities included construction, petrochemicals, rubber, plastics, electronics and mobile phones.

Policies would encourage and attract investment in the support industries of mechanical engineering, electronic-information, automobile manufacturing, textiles and garments, footwear and high-tech sectors.

As part of the strategy, the Prime Minister instructed relevant bodies to streamline standards and regulations related to quality, hygiene and the environment in the agriculture, forestry and fisheries sectors, especially key export staples of rice, coffee, rubber and seafood, to meet international rules.

A road map for introducing the regulations will ensure product quality, raise export effectiveness and protect trademarks of Viet Nam-made products.

The strategy also targeted Viet Nam-made products in the domestic market to help reduce the trade deficit by improving the link between domestic producers and local consumers.

Policies that encouraged the use of locally made machines, equipment and materials in bids for State projects would also be enhanced.

Under the strategy, associations were required to enhance market and price forecasts and provide members with periodic information on markets and policies of importing countries to help business improve performances and reduce risks in periods of volatility. — VNS

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