Vietnam's trade deficit with ASEAN countries

Vietnam's trade deficit with ASEAN countries

Vietnam's trade balance continues to report a deficit with ASEAN (Association of South East Asian Nations). Therefore, Trade Ministry officials warned that Vietnam's export sector has much to do to close the deficit. Vietnam's trade deficit with ASEAN countries surpassed $1 billion in the first quarter of 2005. On the other hand, the country posted a trade surplus with the European Union and other major trading partners. The country's trade deficit with ASEAN has been increasing sharply in recent years due to the competitive prices and high quality products.