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Boosting trade for 2004 to reach export revenue of US$24.9 billion

The Trade Ministry has held meeting on trade plan for 2004 on September 11 in Ho Chi Minh City. According to the meeting, export for 2004 will be pushed to US$24.9 billion, an increase of 11.2 percent against 2003 to cub import deficit.

The World Trade Organization forecasts the world trade volume will increase 4 percent in 2004; demand on imports of some main market as the US, EU, Japan, China, Australia will increase. However, China’s admission to the WTO will make Vietnamese products, particularly textile garment, footwear, handicraft and art, electronics, computers to face fierce competition.

Tendency of accelerating bilateral trade agreement at high level will also lead difficulties for Vietnam who is in low level of integration. Vietnam should finalize negotiation on admission to WTO in 2004 and step to bilateral agreement at higher level with some strategic counter parts.

On the detailed target, the meeting proposes targets for 2004 to be: the total whole sale of commodity and services will increase 13 percent over 2003; CPI will increase below 4 percent; total export value will increase 11.2 percent; imports value will increase 8.3 percent.

To reach the target, the ministry set six solutions: Accelerating information forecast, trade promotion, building trade marks of exporting products; development of infrastructure for trade operation; improving mechanism of policy; raising role of state management on trade, raising competition ability of enterprises and products; changing structure of production and business in line with market requirement on supply and demand.

Vietnam Economy - (18/09/2003)

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