Vietnam is expected to slip back into trade deficit this year after a trade surplus in 2012 as imports rose faster than exports.

The country is likely to report a US$500 million trade deficit as exports grew 15.3 percent from a year earlier while imports jumped 16.5 percent, Minister of Industry and Trade Vu Huy Hoang told a meeting on Monday.

Imports in 2013 are estimated at $132.5 billion against the $132 billion worth of exports, Hoang said.

The trade deficit accounts for 0.38 percent of the total export turnovers, much lower than the 8 percent target set by the National Assembly.

Last year the country achieved a positive balance of trade of $284 million, the first trade surplus in 20 years since the $100 million surplus in 1992.

Exports in 2012 topped $114.63 billion, while imports stood at $114.34 billion.

Hoang said exports are expected to grow by at least 10 percent next year. The country meanwhile will continue to control trade deficit at under 6 percent of the total export turnovers in 2014.

Imports of luxury products or goods that can be locally manufactured will be limited, he said.