* Ministry further restricts luxury imports
The Ministry of Industry and Trade will further restrict the import of luxury goods this year in a move to keep the trade deficit at roughly US$13 billion.
Products subject to import restriction will include consumer goods, motorbikes, and vehicles with fewer than nine seats. The ministry has said it will try to limit these types of goods to 5.4 percent of the country’s total import value, roughly US$6.6 billion.
Imports of precious stones and iron, as well as components of cars and motorbikes will also be kept under 5.5 percent (US$8.7 billion).
The ministry said it will create favourable conditions for the importation of materials and parts to be used in local production. It estimated the imports will cost roughly US$100 billion, up 14 percent over last year.
However, the ministry promised it will work with other relevant ministries to improve current regulations and issue more incentives to encourage investment in local substitutes.
It will also ask relevant ministries and agencies to restrict investment in non-production sectors. State-owned groups, corporations and companies will be required to establish local production lines in a timely manner.
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