[Vnbiz] Vietnam says 2006 trade deficit stable at 4.81 billion USD

[Tran Dinh Hoanh]

Dear anh Shane, anh Anh & CACC,

Looks like 4.81 billion trade deficit is a rather small number.  The
remitances from overseas Vietnamsese alone are enough to cover that
hole.  Not mentioning money coming in from foreign direct investment.
Besides if we are importing more technology and industrial products
than consumer goods, then some part of the trade deficit is really our
"investment."

But, all these numbers make sense only when we look at them all
together.  One number by itself, trade deficit or trade surplus,
doesn't really say much.

Have a great day!

Hoanh




On 12/26/06, Phan, Tai <Tai.Phan at ed.gov> wrote:
> [ Vietnam Business Forum ]
>
> Vietnam says 2006 trade deficit stable at 4.81 billion USD Tue Dec 26, 3:41 AM ET
>
>
>
> HANOI (AFP) - Vietnam's trade deficit in 2006 is estimated at 4.81 billion dollars, an increase compared with last year but still considered a positive result as Vietnam joins the World Trade Organisation next month.
>
>
>
> The country earned 39.60 billion dollars from exports while spending 44.41 billion dollars on imports, according to estimates from the General Statistics Office (GSO).
>
> The trade deficit for 2005 stood at 4.53 billion dollars, the GSO said.
>
> "Our target is to have a balance between exports and imports but this cannot be done overnight. It will take several years," said Pham Tat Thang, director of the ministry of trade's information center.
>
> Vietnam exports have been boosted by good earnings from crude oil, he said.
>
> "We also spent more on importing machinery, equipment and technology than on imports of consumer goods. This is good for the economy."
>
> This year, Vietnam spent 5.84 billion dollars on imported refined petroleum products, up by 16.4 percent. Crude oil exports totalled 8.32 billion dollars, up 12.9 percent.
>
> The country is currently building its first refinery, expected to start operations by 2009, so that it can cut down its dependence on imports for refined products.
>
> Textile exports rose 19.9 percent to 5.80 billion dollars, with footwear up 16.9 percent to 3.55 billion dollars. These figures are expected to increase next year with Vietnam joining the WTO.
>
> The world's second largest rice exporter after Thailand earned 1.30 billion dollars from selling rice, down 7.2 percent.
>
> Tuesday, the GSO also reported industrial production in 2006 was estimated at 30.67 billion dollars, up 17 percent.
>
> Private sector output grew 23.9 percent, while the state sector increased only 9.1 percent.

-- 
Tran Dinh Hoanh, LLB, JD
Attorney of Law
Washington DC