Vietnam wants to triple exports during 2010-20 with the aim of bringing the average level per capita to more than 2,000 USD and balancing the trade books.
Phan Van Chinh, general director of the Ministry of Industry and Trade (MoIT)'s Import-Export Department, made the statement at a workshop held in Hanoi on April 10 to look at the impacts of international economic integration on Vietnam's economy and import-export strategy for the 2011-20 period.
Chinh said the country will diversify its import and export markets and join production networks and value chains while focusing on developing high-value goods and brandnames.
He said the ministry will adopt a roadmap to to reduce raw exports and invest in technology to increase exports of processed products while making use of favourable markets and opportunities to raise export value.
Agricultural, forestry and fishery exports will be restructured towards modern processing using advanced scientific applications.
Goods with low value but high growth potential will also be developed.
He said the import strategy will be adjusted while the production of materials, raw materials and accessories to serve domestic enterprises will be increased to meet the demand and reduce the need for imported goods, helping to reduce the trade deficit.
Deputy Minister Nguyen Thanh Bien said Vietnam 's integration into the global economy and accession to the World Trade Organisation (WTO) has exposed the country's economic shortcomings.
"In the period of 2016-20, Vietnam will focus on high value items to attract production investment from both inside and outside of the country," Bhe said.
He added that the proportion of electronics, telecommunications and building materials exported will increase under the strategy.
Former minister of trade Truong Dinh Tuyen reviewed the impacts of joining the WTO, with average annual economic growth of 7 percent from the 2006-10 period and a gradual shift from agro-forestry to industrial-construction.
Tuyen said exports have increased on average by 18.4 percent from 2001-06 and by 15.8 percent from 2008-10, due to global trade liberalisation and improved competitiveness.
However, he said trade policy is not cohesive with other macro policies while legislative formulation, review and amendments have not caught up with market development.-VNA
Phan Van Chinh, general director of the Ministry of Industry and Trade (MoIT)'s Import-Export Department, made the statement at a workshop held in Hanoi on April 10 to look at the impacts of international economic integration on Vietnam's economy and import-export strategy for the 2011-20 period.
Chinh said the country will diversify its import and export markets and join production networks and value chains while focusing on developing high-value goods and brandnames.
He said the ministry will adopt a roadmap to to reduce raw exports and invest in technology to increase exports of processed products while making use of favourable markets and opportunities to raise export value.
Agricultural, forestry and fishery exports will be restructured towards modern processing using advanced scientific applications.
Goods with low value but high growth potential will also be developed.
He said the import strategy will be adjusted while the production of materials, raw materials and accessories to serve domestic enterprises will be increased to meet the demand and reduce the need for imported goods, helping to reduce the trade deficit.
Deputy Minister Nguyen Thanh Bien said Vietnam 's integration into the global economy and accession to the World Trade Organisation (WTO) has exposed the country's economic shortcomings.
"In the period of 2016-20, Vietnam will focus on high value items to attract production investment from both inside and outside of the country," Bhe said.
He added that the proportion of electronics, telecommunications and building materials exported will increase under the strategy.
Former minister of trade Truong Dinh Tuyen reviewed the impacts of joining the WTO, with average annual economic growth of 7 percent from the 2006-10 period and a gradual shift from agro-forestry to industrial-construction.
Tuyen said exports have increased on average by 18.4 percent from 2001-06 and by 15.8 percent from 2008-10, due to global trade liberalisation and improved competitiveness.
However, he said trade policy is not cohesive with other macro policies while legislative formulation, review and amendments have not caught up with market development.-VNA
