Vietnam records US$500 billion in imports, exports
Vietnam records US$500 billion in imports, exports
Vietnam saw its import-export value hit US$500 billion this year and enjoyed a high trade surplus for the fourth consecutive year, heard attendees at a ceremony held at the Government’s headquarters on December 30.
Vietnam’s position in terms of imports and exports has increased over the past few years, according to the World Trade Organization. In 2006, the country ranked 50th for exports and 44th for imports in the global market. The country jumped to 26th for exports and 23rd for imports last year.
In the January-November period, the country’s trade surplus was recorded at US$10.9 billion. In the 11-month period, the foreign-invested firms’ total import-export turnover reached US$297.9 billion, up 3.2% year-on-year, while domestic firms’ import and export value rose by 15.1%, VietnamPlus news site reported.
Given the positive results, Vietnam ranks among the world’s top 30 countries and territories with the largest value of imports and exports. In Southeast Asia, Vietnam comes third, after Singapore and Thailand.
Speaking at the recognition ceremony of the foreign trade value, Prime Minister Nguyen Xuan Phuc praised the ministries, departments and localities for their efforts and contributions to the results.
Vietnam’s 2019 foreign trade value of US$500 billion reflected the strong growth in import and export activities, PM Phuc remarked.
Apart from the significant contribution of free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union-Vietnam Free Trade Agreement, as stimulus for trade activities, the Vietnamese agencies in foreign countries fulfilled their roles as bridges linking the local market and the global market, he said.
Some sectors contributed to boosting production and export activities, with the wood processing industry and the agriculture sector generating an estimated US$11 billion and US$41 billion in exports this year.
This year, some items saw a strong increase in export revenue, with the top six groups of goods boasting an export value in excess of US$10 billion each.
The prime minister noted that in the coming years, Vietnam should enhance the shipment of processed goods and reduce the volume of crude exports to integrate the country with the global supply chain.
To spur import-export activities, the prime minister proposed continuing to eliminate complicated administrative procedures and boost reforms, calling on ministries and agencies to speed up the execution of the national one-door system and the ASEAN one-stop system.
Vietnam aims to earn export revenue of US$300 billion next year compared to roughly US$265 billion in 2019, PM Phuc stated, adding that the relevant ministries and departments should cooperate with localities to fulfill this target to ensure a fifth consecutive year of trade surplus.
