Vietnam seeks to reduce Thai trade deficit
The Ministry of Industry and Trade is seeking ways to reduce the trade deficit with Thailand which has been on the sharp rise.
Speaking at a meeting on the issue held in Hanoi on September 15, Le Hoang Anh, head of the ministry’s Asia and Africa Department, said Vietnam spent around USD3.5 billion on importing 36 kinds of goods from Thailand in the first eight months of this year. Vegetables and fruit imports accounted for USD618 million. Noticeably, 22 among these imported products could be produced domestically.
Anh added that during the Jan-August period, Vietnam mostly imported household electronic products, vegetables and fruit and cars and auto spare parts.
Nguyen Anh Tuan, deputy head of the Competition Management and Consumer Right Protection Department, said that the market share of Thai companies in Vietnam has been on the rise. The rate is up to 40% in some localities such as Hanoi and Vinh Phuc Province. This was attributed to Thai firm’s purchase of Vietnamese partners. Thai people have even participated in the goods distribution at some wholesale markets of Vietnam.
According to experts, Thai products dominating the domestic market because they are cheaper than Japanese and Korean products while their quality is higher than Vietnamese and Chinese goods.
In 2016, Vietnam spent USD410 million on importing vegetables and fruits from Thailand. Meanwhile, to date, in terms of vegetables and fruits, Thailand had only imported dragon fruit, longan and litchi from Vietnam.
Speaking at the meeting, Minister of Industry and Trade Tran Tuan Anh said that besides seeking ways to curb trade deficit with Thailand, it is also important for Vietnamese companies to raise their competitiveness so that their products can attract more consumers.
The Ministry of Industry and Trade needs to closely co-operate with the Ministry of Agriculture and Rural Development as well as related agencies to tighten control over imported goods from Thailand to ensure the quality. Meanwhile, they should also continue negotiating with Thailand to expand Vietnamese exports.
Speaking at a meeting on the issue held in Hanoi on September 15, Le Hoang Anh, head of the ministry’s Asia and Africa Department, said Vietnam spent around USD3.5 billion on importing 36 kinds of goods from Thailand in the first eight months of this year. Vegetables and fruit imports accounted for USD618 million. Noticeably, 22 among these imported products could be produced domestically.
More Thai goods sold in Vietnam
Anh added that during the Jan-August period, Vietnam mostly imported household electronic products, vegetables and fruit and cars and auto spare parts.
Nguyen Anh Tuan, deputy head of the Competition Management and Consumer Right Protection Department, said that the market share of Thai companies in Vietnam has been on the rise. The rate is up to 40% in some localities such as Hanoi and Vinh Phuc Province. This was attributed to Thai firm’s purchase of Vietnamese partners. Thai people have even participated in the goods distribution at some wholesale markets of Vietnam.
According to experts, Thai products dominating the domestic market because they are cheaper than Japanese and Korean products while their quality is higher than Vietnamese and Chinese goods.
In 2016, Vietnam spent USD410 million on importing vegetables and fruits from Thailand. Meanwhile, to date, in terms of vegetables and fruits, Thailand had only imported dragon fruit, longan and litchi from Vietnam.
Speaking at the meeting, Minister of Industry and Trade Tran Tuan Anh said that besides seeking ways to curb trade deficit with Thailand, it is also important for Vietnamese companies to raise their competitiveness so that their products can attract more consumers.
The Ministry of Industry and Trade needs to closely co-operate with the Ministry of Agriculture and Rural Development as well as related agencies to tighten control over imported goods from Thailand to ensure the quality. Meanwhile, they should also continue negotiating with Thailand to expand Vietnamese exports.
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