Vietnam's 2008 trade deficit to exceed 10 billion US dollars - PM |
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Published
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Mon, 22 Oct 2007 10:27
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HANOI (Thomson Financial) - Prime Minister Nguyen Tan Dung said Monday Vietnam's trade deficit for 2008 is estimated to exceed 10 billion US dollars while economic growth should register at 9.0 percent.In a report at the opening of the national assembly meeting, Dung said the targets would be reached to 'improve the quality, efficiency, competitiveness and sustainability of the economy'.He pointed out that the country's expected gross domestic product (GDP) of 9.0 percent should be higher than the consumer price index.The trade deficit was estimated at between 10.8 and 10.9 billion dollars, with total export volumes of up to 58.6 billion dollars and total imports valued at 69.5 billion dollars.The prime minister said he expects GDP per capita would reach 960 dollars in 2008, higher than the predicted 835 dollars for this year, which would remove the nation from the list of developing countries with low incomes.Dung added that overspending in the state budget would be equal to 5.0 percent of GDP in 2008.Vietnam, which became a member of the World Trade Organisation in January, is targeting an annual economic growth rate of 8.5 percent in 2007.Experts predict that the country's trade deficit for this year would reach a record of 9.0 billion dollars, nearly doubling the 5.09 billion dollar figure of 2006.afp/zrjg/zrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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