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./.