PM instructs trade ministry to diversify export markets
PM instructs trade ministry to diversify export markets
Prime Minister Nguyen Xuan Phuc has asked the Ministry of Industry and Trade to diversify the country's export markets to reach an export revenue of US$300 billion in 2020. 
Phuc was speaking at a conference on Friday to review the results of 2019 and plan tasks for 2020.
Increasing export turnover from US$263 billion this year to $300 billion next year would require a concerted effort, Phuc said.
He also announced a target of reaching a trade surplus of around $15-17 billion in 2020. This year, the country ran a record trade surplus of nearly $10 billion.
“Diversifying export markets is important to reducing the risk of depending on a single or several markets,” Phuc said.
Phuc asked the ministry to keep a close watch on production, market developments, imports and exports, while taking measures to take advantage of free trade agreements and develop potential markets.
The Government leader also called for the manufacturing and processing industry to reach a growth rate of 12 per cent next year from 10 per cent in 2019, stressing that the industry was a major growth driver.
A consistent plan was very important to create a launch pad for the Vietnamese economy, especially for spearhead industries, Phuc said, adding that any delays could hinder development
The ministry should also focus on improving productivity while reducing dependence on crude oil, and focus on manufacturing and innovation, Phuc said.
With a population of nearly 100 million, Viet Nam had a huge domestic demand, so the ministry needed to focus on developing the domestic retail market and building strong product brands, he said.
Minister of Industry and Trade Tran Tuan Anh said developing and diversifying export markets was important due to increasing protectionism.
Focus should be placed on improving productivity through the application of science and technology in production and business, while promoting digital transformation, Anh said, adding that the ministry was working on policies to develop e-commerce and the digital economy.
He said a lot of work was needed to develop spearhead industries which would lead the country’s industrialisation and modernisation. He also added that it was critical to establish links between domestic and foreign-investment firms.
In 2020, the ministry would continue with administrative reforms by removing business prerequisites and promoting the provision of online public services.
During the conference, Phuc also witnessed the Ministry of Industry and Trade’s launch of its electronic certificate of origin issuance system.
