Vietnam among leading countries in export growth despite COVID-19 hinh anh 1At a conference to review the industry and trade sector’s performance in 2020 and set tasks for 2021 (Photo: VietnamPlus)

Hanoi (VNA) – Despite adverse impacts of the COVID-19 pandemic to the global economy, Vietnam still enjoyed high export growth last year, at 6.5 percent over 2019, becoming one of the economies with highest growth in the field.

Six products recording export revenue of over 10 billion USD

According to a report by the Ministry of Industry and Trade, export revenue in 2020 was estimated at 281.5 billion USD, up 6.5 percent year on year.

With the result, exports in the 2016-2020 period rose sharply from only 176.58 billion USD in 2016, with an average annual growth of 11.7 percent, higher than the target of 10 percent set at the 12th National Party Congress.

Notably, the number of commodities posting export revenue of more than 1 billion USD has risen through years.

In 20211, Vietnam had only 21 products enjoying export revenue of more than 1 billion USD, accounting for 81 percent of the total export value. The number of the products rose to 25 in 2016 and 31 in 2020, including nine recording over 5 billion USD and six earning more than 10 billion USD.

Besides, the import-export market has been broadened to not only traditional but also new and promising ones to optimise free trade agreements (FTAs) that Vietnam has joined in.

Vietnamese products have reached almost all markets in the world, many of them have clinched their position in the host country despite strict requirements, including the EU, Japan, the US, and Australia.

According to Minister of Industry and Trade Do Thang Hai, since the EU-Vietnam Free Trade Agreement (EUVFTA) took effect in August 2020, after only four months, authorised agencies have issued nearly 62,000 certificates of origins (C/O) for Vietnamese products worth 2.35 billion USD.

Those receiving C/O are mostly footwear, aquatic products, plastics, coffee, and garment and textile products, hand bag, rattan products, farm produce, and electronics.

For markets covered by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), since the deal became operational, exports to these markets have seen positive growth. Last year, export revenue from Canada rose 11.9 percent to 4.35 billion USD, while that from Mexico increased 12.2 percent to 3.17 billion USD.

Concluding 2020, Vietnam earned 281.5 billion USD, up 6.5 percent year on year.

Meanwhile, last year, trade surplus also rose for the fifth consecutive year to a record of 19.1 billion USD.

Vietnam has maintained stable growth in import-export activities with their total import-export revenue topping 500 billion USD in the second consecutive year, said Minister of Industry and Trade Tran Tuan Anh.

Targets for 2021

Along with increasing export, in 2020, despite impacts of COVID-19 pandemic, Vietnam managed to ensure stability of supply and demand as well as commodities’ prices.

Programmes to encourage domestic consumption have been conducted continuously in a large scale, along with e-commerce and digital economy, thus raising retail revenue and contributing to promoting national economic growth.

Besides, administrative reform has been sped up, with the removal of 1,216 business conditions and the provision of 295 online public services, said Minister Anh.

Vietnam among leading countries in export growth despite COVID-19 hinh anh 2Minister of Industry and Trade Tran Tuan Anh addresses the New Year meeting of the ministry (Photo: VietnamPlus)

In 2021, the industry and trade sector targets a 4-5 percent rise in export revenue, and the maintenance of trade surplus.

Besides, industrial production index is expected to expand about 8 percent over 2020. Total retail revenue of products and services in 2021 is hoped to grow about 8 percent year on year.

Minister Anh also stressed the need for the sector to build and apply effective mechanisms and policies, thus winning higher satisfaction from enterprises./.