In 2012, Vietnam's exports are projected to increase 13 percent against 2011 to achieve a turnover of about $108.5 billion. Import spending is expected at about $121.5 billion, up 14.6 percent year-on-year.

The ministry also reported that the total import value in the first 11 months this year reached nearly $96 billion, of which domestic enterprises imported $52.6 billion and the import volume of foreign firms reached $43.5 billion. 11-month trade deficit was estimated to reach more than $8.9 billion, accounting for 10.2 percent of total exports.

The country's trade gap for the whole year is forecasted at about $10 billion, equal to 10.4 percent of total exports, lower than the target set by the Vietnamese National Assembly.

Deputy prime minister Hoang Trung Hai said that the 2006-2011 period is very difficult because of the global economic crisis so Vietnam is also affected. Looking ahead, the Ministry of Industry and Trade will have to propose to the government a trade deficit reduction plan for the 2011 - 2014 period, towards increasing the proportion of exports in processing industries and reducing the proportion of imported products that can be produced domestically.

According to Hai, the structure of the export market is shifting from Asia to Europe and America. Although the import spending has increased, it is still lower than planned. "In efforts to reduce the trade deficit, we must change the thinking about consumer, we need to push up the export ratio," Hai said.

VietBiz.com - December8, 2011