Beyond US$500 billion, import and export in 2020 still faces difficulties

VCN - In 2019, Vietnam's total import-export turnover is expected to surpass the US$500 billion milestone for the first time. However, in 2020, import and export activities are set to face many difficulties and challenges.  
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beyond us 500 billion import and export in 2020 still faces difficulties
Vietnam's import and export of goods has enjoyed impressive growth in 2019, reaching the milestone of US$500 billion for the first time. Photo: T. Binh.

According to the General Department of Customs (Ministry of Finance), in the first 11 months of 2019, the country's exports reached $241.7 billion, up 7.9 percent over the same period in 2018, reaching the target of 7-8 percent, assigned by the National Assembly. Import turnover reached $230.7 billion, up 6.6 percent over the same period in 2018.

Total import-export turnover reached about $472 billion USD in 11 months. With the current progress, Vietnam's total import-export turnover will exceed $500 billion in the second half of December 2019.

The Ministry of Industry and Trade assessed this result was achieved amid the world economy in 2019 growing slowly with increasing risksand challenges. Global trade also slowed, and exports of regional countries decreased compared to the same period last year.

In addition, disagreements among major countries on the global trading system are increasing, especially the US-China trade conflict and Britain leaving the European Union (EU); trade protectionism trend is increasing, some countries are willing to violate the provisions of the World Trade Organization (WTO) to protect domestic production.

In 2019, the Ministry of Industry and Trade has continued to open markets for Vietnam's exports through negotiations for and signings of free trade agreements (FTAs). Up to now, Vietnam has participated in negotiations and signed 16 FTAs, of which 12 have been signed and entered into force.

Speaking at a press conference of the Ministry of Industry and Trade on December 12, Nguyen Cam Trang, Deputy Director of Import and Export Department (Ministry of Industry and Trade) said the Ministry has been taking efforts to implement necessary tasks to realise FTAs ​​and support enterprises to exploit the benefits of FTAs, ​​such as internalising commitments; studying and assessing the impact of FTAs, reforming administrative procedures, modernising the issuance of certificates of origin (C / O) and applying self-certification of origin.

The initial results show that Vietnamese enterprises have better taken advantage of the opportunities provided by FTAs. The total value of goods using preferential C / O accounted for about 38 percent of total exports to FTA partner markets.

In particular, some new markets in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership saw good growth after the agreement came into effect, such as Canada and Mexico.

beyond us 500 billion import and export in 2020 still faces difficulties Import and export turnover reached US $ 428.63 billion

VCN- The value of Vietnam’s total imports and exports of goods in the second half of October ...

"In 2020, it is forecasted that import and export activities will face many difficulties and challenges. The Ministry of Industry and Trade will focus resources and implement solutions to strive to reach the National Assembly's export growth target of 7-8 percent,” Cam Trang said.

By Thanh Nguyen/ Huyen Trang

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