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

	US$ 280 billion of Vietnam’s import and export turnover comes from Asia
	The Customs’ revenue reached over VND 254 trillion, up 6.82%
	Exports consecutively decline

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.