Vietnam ministry sees 2011 trade gap at $12bn: Media

HANOI: Vietnam's trade deficit this year will be $12 billion, the Ministry of Planning and Investment said, projecting a lower figure than the government's forecast in early July of a $14-14.5 billion gap.

Exports would reach $90 billion and imports would total $102 billion, the online version of the newspaper Saigon Tiep Thi quoted the ministry on Monday as saying.

The newspaper, however, said the Ministry of Industry and Trade believed the trade deficit would be $13 billion due to decreases in oil exports and an increase in gold imports.

The government on July 5 said the trade deficit this year could reach $14.5 billion, despite stronger-than-expected export growth.

It reported last week that exports in the January to August period reached $60.8 billion, reflecting expansion at a rate that was three times faster than forecast by the National Assembly, or parliament, earlier in the year.

Imports in the first eight months of the year were lower than expected at $67 billion, a 25.4 percent increase over the same period last year, it said.

Vietnam is the world's second-largest producer of coffee after Brazil. It also ranks the second-biggest exporter of rice after Thailand.

Its trade deficit last year stood at $12.6 billion.

Copyright Reuters, 2010