Govt pledges for a more stable market operation

25 Jun '08

2 min read

Representing the Government, Mr Nguyen Tan Dung, Prime Minister of Vietnam has assured enterprises in diverse fields, a more stable market price for the rest of the year.

In order to achieve this goal, the PM has asked the Ministry of Finance to collaborate with the Ministry of Industry and Trade and other related ministries for working out a price stabilization and management policy.

On the positive side, a study of the statistical report shows that trade deficit in the first half of this year stood at US $14.7 billion which is way below the expected shortfall of $16 billion.

This helped increase export growth across a wide range of industries. Vietnam earned revenues amounting to $29.7 billion from exports in the first half of this year marking a surge of 31.8 percent. Import value on the other hand mounted to $44 billion.

In the month of June alone, the country made imports worth $6.8 billion, dipping by 11 percent against last month and 15 percent compared to the expected $8 billion. Similarly, export enterprises registered a turnover of $5.8 billion reflecting a month-on-month surge of 32.9 percent.

In terms of commodity, export of crude oil in the first six months of this year stood at 6.7 million tons, a decline of 12.1 percent compared to the same period last year. However, because of a rise in prices of international crude oil, Vietnam still secured revenue of $5.6 billion, an annual increase of nearly 50 percent.

Export of garment and textile products fetched $4.77 billion, up by 17.7 percent while footwear brought $2.27 billion, an increase of 16.9 percent. The foreign-invested sector saw a turnover of $16.92 billion, an increase of 33.8 percent, while state-owned and private enterprises earned a turnover of $12.77 billion, or an increase of 29.1 percent.

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