Soaring Imports Could Spur Industrial Investment

The Ministry of Trade and Industry reckons the surge in imports this year will spur investment in oil refining, chemicals, mechanical engineering and steel production in Viet Nam.

Once these upstream industries really get going, government-sponsored downstream areas like clothing, footwear, electronics, wood furniture and auto production are sure to benefit, in the MTI’s considered opinion.

Import spending in the first nine months of 2007 rose by 27 percent year-on-year, nearly double the ministry’s original forecast. 

With imported goods pouring into the country, the MTI is planning to issue a long list of technical standards that every importer will have to adhere to when placing an order for foreign goods.

By V.L – Translated by Kim Khanh

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