Trade deficit shrinks in May

TN News

Email Print

Vietnam's trade ministry said Friday that the trade deficit could fall to US$750 million in May, the lowest level since January.

Exports have picked up this year and are estimated to reach $25.83 billion in the first five months, up 12.6 percent from the same period last year, according to figures announced at a meeting between government officials and businesses Friday.

The five month figure already accounts for 42.7 percent of the exports target for 2010, making the annual goal much more within reach, the Ministry of Industry and Trade said.

Industrial output in the first five months rose an estimated 13.6 percent from a year earlier to VND300 trillion ($15.7 billion). Meanwhile, retail sales in the country surged 25.3 percent to VND610.5 trillion ($32.1 billion).

Deputy Prime Minister Hoang Trung Hai said local companies need to boost production in order to drive economic growth, cut imports and control inflation.

He also asked ministries and related agencies to ease credit access for businesses and take measures to restrict imports of luxury and unnecessary goods, according to a report on the government's website.

More Business News