Bananas being packed for export at MTV Kizuna Co in Ba Ria-Vung Tau province. (Photo: VNA) Specifically, the country sets an annual average export growth goal of 8-9 percentbetween 2021 and 2025 and 5-6 percent in the subsequent five years.
Meanwhile, annual import growth is expected to average 5-6 percent in 2021-30.The growth will be 7-8 percent in 2021-25 and 4-5 percent in the following fiveyears.
Under the strategy, the State expects to achieve a trade balance by 2025 and asustainable trade surplus by 2030 period.
Manufactured and processed products will account for 88 percent of exportturnover by 2025 and 90 percent by 2030 with the proportion of exported mediumand high-tech goods reaching about 65 percent by 2025 and 70 percent by 2030.
By 2025, Asia will make up 49-50 percent of the country's total exportturnover, 46-47 percent by 2030. It will be followed by the Americas with 32-33percent by 2025 and 33-34 percent by 2030 and Europe with 16-17 percent by 2025and 18-19 percent by 2030.
The Government targets increasing the proportion of value-added, high-tech,green, and environmentally friendly products, pursuant to the strategy.
For agro, forestry and fishery goods, the strategy's goal is to increase theproportion of deeply processed products with high economic value; improve theirabilities to meet regulations, quality standards, food hygiene and safety,standards of social responsibility and environment; proactively adapt andovercome trade barriers and trade remedies in foreign markets.
In terms of the industrial goods, the top priority will be given to increasingthe domestic value of exported goods while reducing dependence on imported rawmaterials, spare parts and components.
The strategy also emphasises the importance of controlling the export ofdomestically produced goods, luxury goods, and non-essential products whilefacilitating the import of modern machinery and equipment, and advancedproduction lines from countries with developed industries. This will create apremise to improve the productivity, quality and competitiveness of exportproducts and carry out an in-depth restructuring of export goods.
Furthermore, greater efforts will be made in diversifying export markets inorder to avoid excessive dependence on one market and ensure a healthy andreasonable bilateral trade balance.
Effectively exploiting opportunities brought by international economicintegration commitments in free trade agreements (FTAs) to boost exports tomajor markets such as the EU, Japan, the Republic of Korea, and ASEAN anddeeply penetrating into potential markets like the US, Russia, India, Africa,the Middle East and Latin America are parts of the strategy.
Both imports and exports rose strongly in the first quarter, according to thelatest updates of the General Statistics Office.
Total trade stood at 176.35 billion USD, up 14.37 percent year-on-year, withexports rising by 12.9 percent to 88.58 billion USD and imports by 15.9 percentto 87.77 billion USD.
Most key exports achieved high growth, helping the trade balance climb intopositive territory.
Major markets like the US, EU, the Republic of Korea, and Japan increased theirimports of Vietnamese goods. The US was the largest export market of Vietnam inthe first quarter of this year, with a revenue of 25.57 billion USD, up by 15 percentfrom the same period last year.
Exports to the US reached 11.21 billion USD, up 16.3 percent, ASEAN 8.1 billionUSD, up by 19.9 percent, the RoK 6.26 billion USD, up 21 percent and Japan 5.4billion USD, up 10.6 percent.
Both exports volume and value were up, especially for agricultural produce,crude oil, fertilisers and plastics.
Another 16 products joined the 1 billion USD list, in which five saw exports ofmore than 5 billion USD.
Experts forecast that the nation's total import-export revenue might hit arecord 700 billion USD by the year-end, driven by the enforcement ofnew-generation FTAs.
The Ministry of Industry and Trade targeted that Vietnam would maintain a tradesurplus this year and exports would grow by 6-8 percent to reach around 363billion USD./.
VNA
