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Vietnam plans import restriction to curb deficit in 2009

(Xinhua)
Updated: 2008-11-19 16:31

HANOI --  Vietnam's Ministry of Industry and Trade (MIT) is planning restriction on the import of products that could be produced domestically and non-essential consumer goods to reduce trade deficits in 2009, the Vietnam News Agency reported on Wednesday.

Restricted imports of products will include tobacco, under-12 seat completely knocked down (CKD) cars and motorbike parts and components, according to the ministry.

Meanwhile, the ministry said it would encourage importing advanced technology from developed markets such as the United States and Europe.

Vietnam's import value is expected to increase to $96.6 billion next year while exports are likely to rise to $76.7 billion, making $19.9 billion in trade deficits, up 5 percent from the expected figure for 2008, said the ministry.