Ministry plans import restriction to curb deficit

Hanoi (VNA) - The Minsitry of Industry and Trade (MIT) is planning
restriction on the import of products already produced domestically and non-essential consumer goods to reduce trade deficits next year.

Restricted imports include tobacco, under-12 seat CKD cars and motorbike
parts and components. The auto industry will see the sharpest drop in
imports with import value to scale down to 7.2 billion USD in 2009.

The MIT said other measures include the full use of imports stockpiled in
warehouses.

Asia remains the largest import market for fuel and materials for its
advantages such as close geographical location and good prices, making up
between 75 and 85 percent of the total value. Meanwhile the Ministry said it
encouraged importing advanced technology from developed markets such as the
United States and Europe .

Import value is expected to increase 15 percent to 96.6 billion USD next
year while exports are likely to rise 18 percent to 76.7 billion USD, making
19.9 billion USD in trade deficits, up five percent from 2008, the MIT
reported.--Enditem