Prime Minister Nguyen Xuan Phuc: Vietnam’s import and export turnover reaches $500 billion, surpassing Africa

VCN- This content was emphasised by the Prime Minister at the ceremony to mark Vietnam’s import-export turnover reaching the US$500 billion level held by the Government Office Office in collaboration with the Ministry of Finance and the Ministry of Industry and Trade on December 30.  
prime minister nguyen xuan phuc vietnams import and export turnover reached us 500 billion surpassing africa US$ 280 billion of Vietnam’s import and export turnover comes from Asia
prime minister nguyen xuan phuc vietnams import and export turnover reached us 500 billion surpassing africa The Customs’ revenue reached over VND 254 trillion, up 6.82%
prime minister nguyen xuan phuc vietnams import and export turnover reached us 500 billion surpassing africa Exports consecutively decline
prime minister nguyen xuan phuc vietnams import and export turnover reached us 500 billion surpassing africa
The ceremony. Photo: VNA

Deputy Prime Ministers, Government members, Minister of Finance Dinh Tien Dung, Director General Department of Vietnam Customs Nguyen Van Can, and representatives of major localities, typical associations and businesses attended the ceremony.

Striving to achieve export turnover of $300 billion by 2020

At the ceremony, PM Phuc said that with turnover of more than $500 billion for the first time, Vietnam's import-export turnover surpassed that of Africa.

As a poor country previously, Vietnam has developed to join the group of 30 leading import-export economies in the world.

Especially, along with the increase in turnover, the trade surplus hit a record of more than $10 billion and could reach $11 billion at the end of 2019.

Currently, many export items are in the leading group in the world. “Vietnam has become the ’capital’ of the world’s manufacturing and export of mobile phones, and the export of agricultural products is also in the leading group in the ASEAN region,” PM Phuc said.

Notably, in 2019, Vietnam’s import-export activities grew significantly in the context of declining global trade.

To achieve impressive growth of import and export activities, Vietnam has promoted international integration, especially the implementation of free trade agreements, including new generation agreements such as the CPTPP and the upcoming efforts to implementthe EVFTA; boosted administrative procedure reform to facilitate the business community; making efforts from ministries, sectors and localities such as Ministry of Finance, Ministry of Industry and Trade, and especially, great efforts of the business community.

Regarding goals and tasks in 2020 and the near future, the Prime Minister requested ministries, sectors and localities continue making efforts to increase the Vietnam’s import and export turnover.

Particularly, they should continue implementing the policy of reform, creating good conditions for the business community, combating harassment, promoting the application of information technology in handling administrative procedures, implementing National Single Window, ASEAN Single Window and strengthening trade promotion.

The Prime Minister set targets for ministries, sector and localities to reach the export target of $300 billion in 2020, and secure the fifth consecutive year of Vietnam’s trade surplus.

In addition to trade facilitation measures, ministries, sectors and localities need to enhance the effectiveness of the prevention and combat smuggling, trade fraud, illegal transportation of goods across borders, especially, the fight against origin fraud to protect the prestige and trademark of Vietnamese goods.

PM Phuc also requested ministries, sectors and localities and the business community make efforts to raise the added value content of export goods and reduce costs for the business community, especially logistics costs.

In recent years, Vietnam's economy has developed in the context of complicated global economic and political situation and different growth among big economies. In that context, Vietnam has conducted multilateralisation and diversification, enlarging the capacity of trade cooperation, investment, integration, technology transfer and national economic development.

Import and export turnover reach $4,000 billion in 20 years

According to the report, we have seen the strong progression of Vietnam's imports and exports over the years. Total import and export turnover in nearly 20 years (2000-2019 period) reached $3,995 billion.

The turnover in the recent five years (from 2015-2019) reached $2,106 billion which was higher than those of the previous 15 years (2000-2014).

If the total of Vietnam’s import and export turnover in 2001 only reached US$30 billion, total import and export turnover in 2007 reached $100 billion, after Vietnam Vietnam became an official member of the World Trade Organization (WTO).

Four years later, total import and export turnover reached $200 billion in 2011. The import and export turnover reached $300 billion in 2015.

In recent years, the turnover of $100 billion only has taken half of the time compared to the previous years. In mid-December 2017, total import and export turnover reached $400 billion.

In mid-December 2019, import and export turnover hit a record of $500 billion for the first time.

Thanks to breakthroughs in recent years, Vietnam's import-export ranking (according to the WTO ranking report) has increased sharply.

In 2006 Vietnam ranked 50th in the world in terms of exports and 44th in imports.

Vietnam had an impressive development in 2018, ranking 26th in exports and 23rd in imports. Vietnam has remained for a long time in the list of the 30 countries and territories with the highest import and export values in the world. In ASEAN, Vietnam ranks third after Singapore and Thailand.

Minister Dinh Tien Dung: The Ministry of Finance is committed to further reforms

“On behalf of concerned ministries and sectors and the Ministry of Finance's leaders, I would like to comprehend and fully absorb the guidance of the Prime Minister on the tasks assigned to the Ministry of Finance in particular and the ministries, sector in general, to take full advantage of opportunities and effectively solve challenges in the coming period; bringing Vietnam's economy deeper into the global value chain, ensuring healthy and sustainable development.

“Acquiring the direction of the Prime Minister, in the context of the new situation, the Ministry of Finance is committed to further reforming all aspects from reforming laws, administrative procedures, applying modern management technology according to international practices and standards to applying new achievements of the fourth scientific and technological revolution towards a simple, transparent and effective administration, service and facilitation.

“The Ministry of Finance also expects ministries, sectors and localities to further coordinate with the Ministry of Finance to give practical solutions and well implement policy and law priorities; solve difficulties and problems of the enterprise; improve the business environment, enhance national competitiveness, promote production and business, and facilitate import and export activities to achieve higher and better results in the following years".

(Recording of the speech of Minister Dinh Tien Dung at the ceremony)

By Thai Binh/Ngoc Loan

Related News

Import and export turnover increases to US$ 51 billion

Import and export turnover increases to US$ 51 billion

VCN – Import-export turnover in June saw a slight decrease but remained at a high level, the General Department of Vietnam Customs announces.
Rubber exports grows sharply in June

Rubber exports grows sharply in June

VCN - According to Import – Export Tax Department (Ministry of Industry and Trade), Vietnam's rubber exports in June 2024 reached about 150 thousand tons, worth 238 million USD, up 77.6% in volume and 76.6% in value. Price compared to May 2024.
Vietnam rises 11 places in budget transparency ranking

Vietnam rises 11 places in budget transparency ranking

VCN - The results of the Open Budget Survey 2023 (OBS 2023) have just been announced by the International Budget Cooperation (IBP), Vietnam's budget transparency ranking continues to be raised to 57 out of 125 countries, climbing 11 places compared to the 2021 assessment period and rising 20 places compared to 2019.
Export of denim fabrics quickly recovers

Export of denim fabrics quickly recovers

VCN - The export market for Vietnam's denim products (the fabric used to make jeans) has experienced a swift recovery and positive growth potential. To anticipate this trend, businesses are actively investing in and expanding their factories to enhance production capacity and meet market demands.

Latest News

Improving the competitiveness of businesses is an important factor

Improving the competitiveness of businesses is an important factor

VCN - Local competitiveness is not only based on economic management capacity, the favorable and friendly business environment and efforts to improve administrative reform efforts of provincial and city governments (PCI) but also relies on the competitiveness of local businesses.
Malaysia to boost exports to Vietnam

Malaysia to boost exports to Vietnam

The Malaysian Ministry of Investment, Trade and Industry (MITI) on July 11 announced that the country has secured potential exports worth 3.3 billion RM (about 717 million USD) to Vietnam.
Exporters advised to update trade policies of Singapore

Exporters advised to update trade policies of Singapore

The Vietnam Trade Office in Singapore has advised Vietnamese exporters to carefully study and keep updated on new regulations in Singapore, a market that is becoming more cautious in trade policy, in order to further exploit this market.
Green logistics – a key for sustainable development

Green logistics – a key for sustainable development

Green logistics development is no longer a trend, it is an inevitable requirement with activities throughout the stage of purchasing raw materials, production, distribution, delivery, waste treatment - throughout the entire business life cycle.

More News

Manufacturing enterprises need to adapt to trends to develop: experts

Manufacturing enterprises need to adapt to trends to develop: experts

Besides the factors of price, product quality and delivery time, green and sustainable development are competitive criteria that more and more markets are requiring from suppliers in Ho Chi Minh City as well as across the country.
Prioritize stimulating domestic consumption to promote economic growth in 2024

Prioritize stimulating domestic consumption to promote economic growth in 2024

VCN - According to General Director of the General Statistics Office Nguyen Thi Huong, in the context of many difficulties in the world economy, the export growth rate is slowing down, many businesses are facing a shortage of orders..., priority should be given to stimulating demand. Domestic consumption is considered an important solution to promote economic growth in 2024.
Exports fruit and vegetable expects to exceed US$ 7 billion

Exports fruit and vegetable expects to exceed US$ 7 billion

VCN - In the first half of 2024, fruit and vegetable export turnover reached nearly US$3.5 billion. Key markets recorded an increase of 10-50% over the same period in 2023. This is also the industry that holds the leading position in exports of agricultural products.
Việt Nam, Philippines agree to establish a rice industry alliance

Việt Nam, Philippines agree to establish a rice industry alliance

Agriculture ministers of Việt Nam and the Philippines agreed to establish a rice industry alliance between the two countries and upgrade the trade relationship into an investment partnership.
"Good oppotunities" for export to Asia - Africa markets

"Good oppotunities" for export to Asia - Africa markets

VCN - The Asia-Africa region is always an important market for Vietnam. These are two markets considered suitable for Vietnamese goods, including the Red River Delta, to expand their market share in the near future.
Ample space for Vietnam to boost exports to the US, experts

Ample space for Vietnam to boost exports to the US, experts

Vietnamese exports to the United States (US) such as computers and parts, electronics, machinery and equipment, garments and footwear have ample room to grow, according to trade experts.
High quality, low-emission rice project's pilot model in Mekong Delta yielded positive results

High quality, low-emission rice project's pilot model in Mekong Delta yielded positive results

A pilot model for planting millions of hectares of high-quality, low-emission rice in the Mekong Delta has yielded positive results, including reducing the amount of seed and fertiliser used, lowering carbon dioxide (CO2) emissions while increasing profits.
June seafood exports hit yearly high

June seafood exports hit yearly high

VCN - Seafood exports for June 2024 are estimated to have reached $875 million, marking a 14% increase compared to the same period last year and the highest monthly export value since the beginning of 2024.
Vietnamese rice export prices stay high in H1

Vietnamese rice export prices stay high in H1

The prices of Vietnamese rice increased strongly in many foreign markets in the first half of this year, according to statistics from the General Department of Vietnam Customs.
Read More

Your care

Latest Most read
Improving the competitiveness of businesses is an important factor

Improving the competitiveness of businesses is an important factor

VCN - Local competitiveness is not only based on economic management capacity, the favorable and friendly business environment and efforts to improve administrative reform efforts of provincial and city governments (PCI) but also relies on the competitive
Malaysia to boost exports to Vietnam

Malaysia to boost exports to Vietnam

The Malaysian Ministry of Investment, Trade and Industry (MITI) on July 11 announced that the country has secured potential exports worth 3.3 billion RM (about 717 million USD) to Vietnam.
Exporters advised to update trade policies of Singapore

Exporters advised to update trade policies of Singapore

The Vietnam Trade Office in Singapore has advised Vietnamese exporters to carefully study and keep updated on new regulations in Singapore, a market that is becoming more cautious in trade policy, in order to further exploit this market.
Import and export turnover increases to US$ 51 billion

Import and export turnover increases to US$ 51 billion

VCN - In June, Vietnam’s total import and export turnover declined 1.3% month-on-month to US$ 64.12 billion.
Green logistics – a key for sustainable development

Green logistics – a key for sustainable development

Green logistics development is no longer a trend, it is an inevitable requirement with activities throughout the stage of purchasing raw materials, production, distribution, delivery, waste treatment - throughout the entire business life cycle.
Mobile Version