2020 trade surplus estimated at 7 billion USD

Hanoi (VNA) - Export revenue in 2020 is estimated to reach 267 billion USD while imports are to reach 260 billion USD, resulting in a trade surplus of some 7 billion USD, according to Deputy Minister of Industry and Trade Do Thang Hai.

Amid the impact of COVID-19, exports still rose 1 percent and were a bright spot and key foundation for the country’s economy to start the new year, Hai told a forum in Hanoi on December 16 to sketch out trade promotion orientations over the next five years.

He underlined that 2020 has been a tough year for all economic sectors, but foreign trade has been profitable.

The trade surplus in the first 11 months of this year was a record 20.1 billion USD, while total export-import revenue hit 489.1 billion USD, up 3.5 percent year-on-year, with export revenue rising 5.3 percent to 254.6 billion USD.

Notably, 31 products posted exports of over 1 billion USD, accounting for 92 percent of total revenue, Hai said.

He expressed his hope that forum participants would contribute ideas on how to expand trade promotions in each sector in a sustainable manner, as well as mid- and long-term measures to increase exports. International trade organisations are also expected to share their experience and provide information on market developments in the present and the future.

To Tuong Lan, Vice President of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the association has changed its marketing method from business-to-business to business-to-consumer, optimising connectivity tools such as websites, Google, Facebook, Pinterest, Instagram, and YouTube.

Its website attracted 14,000 visits in just three months, she said.

Meanwhile, Nguyen Chanh Phuong, Vice President and General Secretary of the Handicraft and Wood Industry Association of Ho Chi Minh City, said the wood sector aims for 20 billion USD in revenue this year, which will depend on three factors: materials, production, and exports.

The association is therefore working on securing certificates in sustainable forestry development to ensure the supply of materials, he said.

Vu Ba Phu, head of the Trade Promotion Agency at the Ministry of Industry and Trade, said that with trade of over 500 billion USD, trade promotions should be strengthened by optimising spending and applying information technology.

Amid a boom in e-commerce due to COVID-19, the ministry will support businesses to apply IT and develop e-commerce activities, he added./.