Vietnam should perfect its industry, trade sector: PM

HANOI, May 9 (Xinhua) -- The Vietnamese Ministry of Industry and Trade (MIT) should perfect its legal framework, policies and mechanism to meet the country's demands for development, Vietnamese Prime Minister Nguyen Tan Dung said during the 60th anniversary of the MIT here on Monday.

Dung said the sector should continue to exert their best to achieve the goal of turning the country into a basically industrialized nation by 2020, with industry and service making up around 85 percent of the country's GDP.

The sector should strive to raise the industry-construction added value by 7.8-8 percent per year and export revenues by 12 percent over the next five years in order to help reduce trade deficit and balance import-export by 2020, he said.

According to MIT, the country's industry sector has attained an average growth of around 15 percent over the past decade and its industrial products have basically met domestic consumption requirements and contributed to exports.

May 9^th, 2011

Source: Xinhua News