On September 18, National Assembly’s Economic Committee worked with Ministry of Industry and Trade on fixing the 2009 and 2010 export import targets.
At the working day, vice minister Bui Xuan Khu said that in 2009, Vietnam plans to reach total industrial production value of 608,800 trillion dong, in which the state economy accounts for 4 percent, non-state economy and foreign invested economy area will grow by 10 percent and 8.2 percent correspondingly.
This year the country’s total retail sales and service turnover is targeted at over 1,150 trillion dong, a year-on-year growth of 18 percent while the capital for basic construction investment is actualised at more than 160,124 trillion dong.
Regarding exports, the export turnover (according to National Assembly’s adjusted plan), will surge 3 percent to $64.68 billion. However, till the end of August, the export brought in $37.25 billion only so over remaining $27.4 billion for the rest of this year (averaging $6.8 billion a month) is hard to reach because a decreasing price of crude oil in the global market will make reduce export turnover of Vietnam’s crude oil despite an increase in export volume. As estimated, Vietnam’s export turnover in 2009 could earn $59 billion equalling to the growth rate of 3 percent compared with 2008 while import spending will range between $70 and $75 billion, down $13.3 percent against the previous year. 2009 trade deficit will be $11 billion if the export turnover is $70 billion, accounting for 19 percent of estimated export turnover.
In 2010, the industrial production value is planned to grow by 12.5 percent y-o-y, export turnover up over 6 percent to 62.54 billion dong and import spending at $75 billion, finally the trade gap will be equivalent with 20 percent of export turnover next year. By that time, total retail sales and service turnover on the domestic market will increase by 18 percent. There will be over 200 trade promotion plans being approved with a total cost of 250 billion dong, jumping 45 percent compared with 2009′s actualised figure.