HANOI, Oct 27: Vietnam’s trade deficit has reached an estimated record level of $8.9 billion while authorities said it would take time to improve the situation.

The country’s exports between January and October reached $39.05 billion, up by 18.6pc, while imports were up by 30.5 per cent, totalling $47.98 billion, the General Statistics Office (GSO) said in a preliminary report.

“Some may wonder why we don’t further develop additional industry and domestic production to avoid the trade deficit,” online VietnamNet quoted Prime Minister Nguyen Tan Dung as saying.

The concern “is correct, but it will take time for us to do so,” he said on the sidelines of the current National Assembly meeting in Hanoi.

In the first nine months of the year, the country’s trade deficit was revised to $7.9 billion, higher than an earlier estimation of $7.6 billion. Exports in the period stood at $34.85 billion and imports at $42.73 billion, GSO said.

During the January - October period, Vietnam, which needs lots of inputs for production while domestic industries develop at a slow pace, spent $8.28 billion on buying raw materials and equipment, up by 57.8 per cent.

—AFP