Vietnam likely to earn 300 billion USD in exports this year
Illustrative image (Source: VNA)
The industry and trade sector is exerting all-out efforts to achieve the target of 300 billion USD in export turnover this year in the context that the COVID-19 pandemic is seriously affecting global trade.
According to the Ministry of Industry and Trade’s Import-Export Agency, Vietnam earned 202 billion USD from exports in the first nine months of 2020, a year-on-year rise of 4 percent.
Of note, the domestic economic sector is the driver of the growth as it enjoyed a year-on-year increase rate of 19.5 percent, with 71.4 billion USD.
The export value is expected to surge in the fourth quarter when Vietnam brings into full play incentives of signed free trade agreements, especially the EU-Vietnam Free Trade Agreement (EVFTA) which became effective on August 1.
In August, Vietnam’s export turnover to the EU reached 3.25 billion USD, up 4.65 percent compared to that of July. The turnover in September also posted a 14.4 percent surge year-on-year.
Deputy head of the agency Tran Thanh Hai said that during January-September, the US was Vietnam’s largest importer with a value of 54.7 billion USD, a year-on-year rise of 22.6 percent.
To achieve 300 billion USD in export turnover, the Ministry of Industry and Trade worked on a trade promotion plan for 2020-2025, which focuses on potential and advantageous products.
The ministry will assist local businesses in intensifying exports, especially to the Republic of Korea, Japan and China, and continue organising virtual business exchanges and trade promotion activities./.
Related News
Open credit flow to support import and export
09:30 | 08/05/2024 Import-Export
Latest News
Import turnover increases by US$13.5 billion
09:30 | 08/05/2024 Import-Export
Green production, trade will help wood industry increase export: Viforest
14:30 | 07/05/2024 Import-Export
Hanoi attracts over 1.1 billion USD in FDI in four months
14:28 | 07/05/2024 Import-Export
FDI flows strongly into manufacturing, real estate
14:26 | 07/05/2024 Import-Export
More News
Maintaining recovery momentum amid uncertainties
09:09 | 07/05/2024 Import-Export
Make use of the most of favorable factors for economic growth
15:38 | 06/05/2024 Import-Export
Textile and garment businesses face difficulties due to lack of domestic supply
15:36 | 06/05/2024 Import-Export
Vietnam leads in export rice prices globally
15:34 | 06/05/2024 Import-Export
Production ensures export of 7.4 million tons of rice this year
14:30 | 06/05/2024 Import-Export
More businesses to join Vietnam E-Pavilion
16:34 | 05/05/2024 Import-Export
Cooperatives urged to focus on branding to expand exports of organic tea
16:32 | 05/05/2024 Import-Export
Seafood enterprises encounter problems with specialized inspection
10:37 | 05/05/2024 Import-Export
Three groups of export commodities achieved billions of USD
10:36 | 05/05/2024 Import-Export
Your care
Open credit flow to support import and export
09:30 | 08/05/2024 Import-Export
Import turnover increases by US$13.5 billion
09:30 | 08/05/2024 Import-Export
Green production, trade will help wood industry increase export: Viforest
14:30 | 07/05/2024 Import-Export
Hanoi attracts over 1.1 billion USD in FDI in four months
14:28 | 07/05/2024 Import-Export
FDI flows strongly into manufacturing, real estate
14:26 | 07/05/2024 Import-Export