In the first seven months of this year, Vietnam ’s trade deficit hit a record low of just 58 million USD, raising concerns over stagnating production and low trade.
Economic analysts attribute the small trade deficit to a higher level of exports during the reviewed period. With a revenue of 62.9 billion USD, up 19 percent year on year, exports are the silver lining in Vietnam ’s economy.
The figure was mainly thanks to foreign-invested enterprises which generated 39 billion USD, up 36.6 percent from the same period last year.
However, on the credit side, the low import rate has also helped improve Vietnam ’s balance of trade, a good result for its foreign reserves and the USD - VND exchange rate.
Vietnam also imports 80 percent of the raw materials needed by domestic industries but there was a decrease in imports in 16 out of 31 key items, reports the General Statistics Office.
If production remains sluggish, the growth forecast will be gloomy and consequently it is essential to implement policies to support businesses, especially domestic ones, to stimulate production and seek out new markets.-VNA