The Government has released its import and export strategy for the next eight years with an orientation towards 2030.

The strategy targets an export growth of 11-12 percent a year to 2020 and for imports 10-11 percent.

The trade deficit would be reduces to less than 10 percent of the total export turnover by 2015, to reach a trade balance by 2020 and a trade surplus from 2021 onwards.

To meet the targets, the strategy requires ministries and agencies to restructure and issue policies to encourage the development of export commodities whose competitiveness, growth rate and added value are high. The commodities includes construction, materials, petrochemicals, rubber, plastics, electronics and mobile phones.

Policies would encourage and attract investment in the support industries of mechanical engineering, electronic-information, automobile manufacturing, textiles and garments, footwear and high-tech sectors.

As part of the strategy, the Prime Minister instructes relevant bodies to streamline standards and regulations related to quality, hygiene and the environment in the agriculture, forestry and fisheries sectors, especially key export staples of rice, coffee, rubber and seafood, to meet international rules.

The strategy also targets Vietnam-made products in the domestic market to help reduce the trade deficit by improving the link between domestic producers and local consumers.

Policies that encourage the use of locally made machines, equipment and materials in bids for State projects would also be enhanced.

Under the strategy, trade associations are required to enhance market and price forecasts and provide members with periodic information on markets and policies of importing countries to help business improve performances and reduce risks in periods of volatility.-VNA