Reducing large trade deficit with China
According to the Ministry of Planning and Investment, although Vietnam has been proactive and has solutions to respond, limit negative impacts, and restore production, it can be seen that our country's large import and trade deficit with China is a reality that cannot be overcome immediately.
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Prime Minister Nguyen Tan Dung speaks at the conference - Photo: Nguyen Tu
On August 7 and 8, a national conference of the Planning and Investment sector took place in Da Nang to disseminate the Prime Minister's Directive and introduce the Draft Guidelines of the Ministry of Planning and Investment on developing the 5-year socio-economic development plan for 2016-2020 and on making a 5-year medium-term public investment plan for 2016-2020.
Trade deficit with China is a reality
According to the draft guidelines for developing the 5-year socio-economic development plan of the Ministry of Planning and Investment, the 2016-2020 period is in the context of the world economic situation still having many uncertainties after the financial crisis and global economic recession.
Major countries have increasingly applied trade protection policies, fierce competition, and complicated developments in the East Sea and East China Sea in recent times, making the implementation of our country's socio-economic development plan for the 2011-2015 period very difficult.
After that, the economic situation gradually recovered, all industries and production and business sectors had positive changes.
But in early May 2014, China's deployment of the Haiyang 981 drilling rig to encroach on Vietnam's exclusive economic zone and continental shelf led to a number of disturbances in businesses, including foreign businesses, affecting production, business and social stability.
Businesses need to find diverse sources of raw materials to replace Chinese sources - Photo: Nguyen Tu
According to the Ministry of Planning and Investment, although Vietnam has been proactive and has solutions to respond, limit negative impacts, and restore production, it can be seen that our country's large import and trade deficit with China is a reality and also an import requirement for investment, production, and the large demand for goods of the people.
To minimize this limitation, the Ministry of Planning and Investment believes that it is impossible to use import prohibition measures, but it is necessary to have a long-term synchronous policy, especially diversifying import and export markets, developing domestic production, replacing imported goods, developing domestic markets...
Can't depend on one market
According to Chairman of Ho Chi Minh City People's Committee Le Hoang Quan, recent developments in the East Sea, especially security issues, are also new challenges for people, businesses and authorities in large cities.
“In the socio-economic development plan for the next 5 years, we must anticipate challenges. In addition to climate change, which is becoming increasingly complex and devastating, in actual local management, through events like last May in the East Sea, how can we avoid being affected by dependence on one market? We must open up many new markets,” said Mr. Le Hoang Quan.
Speaking at the conference, Prime Minister Nguyen Tan Dung noted that localities must focus on medium-term public investment plans to focus on breakthrough areas in socio-economic infrastructure, paying special attention to essential projects for restructuring, economic restructuring and people's lives. If the budget is not enough, it is necessary to attract total socialized capital sources in appropriate forms.
According to Than nien