|Viet Nam's imports from its northern neighbour of China would surpass US$30 billion by the year-end with a turnover of US$3 billion each month, according to the Ministry of Industry and Trade.— File Photo
HA NOI (VNS)— Viet Nam's imports from its northern neighbour of China would surpass US$30 billion by the year-end with a turnover of US$3 billion each month, according to the Ministry of Industry and Trade.
The General Department of Customs revealed that imports from the market had increased significantly in recent years, from $16.44 billion in 2009 to $24.9 billion in 2011 and $28.8 billion in 2012.
They topped $26.74 billion in the first nine months of this year, with five groups of items reaching an import value of over $1 billion.
They included machinery and equipment, mobile phones and components, computers, electronics, clothing, steel and iron.
Increased imports have led to a rising trade deficit, from $11.54 billion in 2009 to $13.46 billion in 2011, $16.39 billion in 2012 and $17.24 billion in the first nine months of this year, despite modest export growth of 3 per cent.
Economists blamed the country's huge trade deficit with China mainly on poor domestic support industries that had forced many companies to import goods. Among the key imports were machinery and equipment, fertiliser, animal feed, chemicals and plastic.
To deal with the deficit, experts suggested that measures be taken to boost exports with a focus on hi-value goods such as software, electronics and components, while facilitating the development of domestic support industries.
Diversifying markets, particularly those with potential such as Africa and the Middle East, would also reduce the country's dependence on China, they said. — VNS