Vietnam continues to tighten the screw on imports
14/7/2008 16:46
The Vietnamese government will continue to tighten imports of consumer and
luxury goods in the second half of this year to curb the trade deficit, the
Vietnam Investment Review reported in Hanoi today.
Dairy products, paper,
fat, vegetable oil and some other consumer goods, which account for about 20
percent of Vietnam's total imports, are on the list of products under
scrutiny
The government has encouraged the consumption of consumer goods
being produced within Vietnam and will possibly apply tariff quotas on the
imported goods, based on the calculation of domestic needs, said the Ministry of
Planning and Investment (MPI) in a report.
The government will also strictly
control credits for the importation of luxury products including automobiles and
components, motorbike parts, cosmetics and other non-essentials, while raising
import tariffs.
According to the ministry, the country would find it
difficult to keep the trade deficit at the targeted US$19 billion this year, as
world prices of petroleum products and other commodities are still on the
rise.
The trade deficit could reach about US$21 billion by the end of this
year, the ministry predicted.
Xinhua
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