The information was shared at a meeting held by the ministry on January 17 to review activities in 2018 and set the goals for its goals for 2019. 

The Ministry of Industry and Trade has forecasted that Vietnam would face a trade deficit of USD3 billion this year.

The Ministry of Industry and Trade reported that total trade value was estimated at USD482.236 billion in 2018, up 12.64% on-year. Of the sum, export value accounted for USD244.7 billion, up 13.8% on-year.

In 2018, Vietnam saw a trade surplus of USD7.2 billion, the highest level so far.

The ministry, however, warned that this year, the situation would change, and the country would face a trade deficit of USD3 billion.

According to experts, the implementation of free trade agreements as well as the EU-Vietnam Free Trade Agreement was expected to bring a new investment wave into Vietnam with a range of projects. So, the demand for imported technologies, equipment and machinery could increase. This would result in the trade deficit in the year.

The ministry forecasted that export value in 2019 would reach USD265 billion, up 8-10% on-year, while import value would be USD268 billion, up 11.7% on-year.