Vietnam’s exports slow down

Vietnam could face a trade deficit of $3 billion this year, after achieving the highest trade surplus in a decade in 2018.

A hungry American economy powered by a strong U.S. dollar saw record imports in September, the government reported Friday.

The U.S. shouldn’t be concerned about its current trade deficit with Vietnam, Deputy PM Trinh Dinh Dung said Monday.

The US goods deficit with China was $375 billion last year.

Experts said the trend is not a source of concern as the Korean imports mostly serve industrial production in Vietnam.

The annual economic dialogue session in Washington ended with no new announcements on US market access to China.

While the Trump administration says 'unfair competition' has cost U.S. jobs, economists insist trade is beneficial an creates jobs.

The government has adopted a determined stance despite a slowdown in the industrial sector, a smaller rice harvest and a widening trade gap.

The industrial sector and trade deficit have been dragging on the country's economic momentum.

But officials say it should not be a cause for concern as the economy is set to benefit from global trade growth this year.

A taste for Thai fruit, vegetables and cars contributed to a $3.3 billion trade deficit.

Vietnam aims to reach an annual economic growth rate of 6.8 percent next year through higher labor productivity and competitive capacity, according to the framework of a socio-economic development plan for 2017 laid out by the Ministry of Investment and Planning.

Japan fell into a trade deficit in May, the first since January, as export declines accelerated while imports dropped, the finance ministry said Monday.