Illustrative image (Source: VNA)

Hanoi (VNA) – Total import-export revenue this year reached 400 billion USD in mid December, representing a fourfold increase in ten years.

At a ceremony marking the record figure held in Hanoi on December 19, Deputy Prime Minister Vuong Dinh Hue said the country first achieved 100 billion USD in foreign trade value in 2007, the year it joined the World Trade Organisation.

The figure rose to 200 billion USD in 2011, and 300 billion USD in 2015.

Hue noted that it took Vietnam just two years to push the number to 400 billion USD.

He attributed the outcome to concerted efforts of the entire nation and praised the customs sector for its hard work in administrative reform.

The Deputy PM stressed Vietnam’s rankings in the WTO’s trade profile have improved significantly. The country was ranked at 50th in export and 41st in import in 2007, respectively increasing to 26th and 25th in 2016.

Finance Minister Dinh Tien Dung said his ministry will coordinate with relevant agencies and localities to remove barriers facing the business community, with a goal toward 500 billion USD worth of import-export revenue in the next two years.

According to the General Department of Vietnam Customs, Vietnam’s import – export value was 385.77 billion USD in the first 11 months of 2017, soaring by 67.93 billion USD from 2016, the highest annual increase to date. During the period, the country posted the highest-ever trade surplus of 3.17 billion USD.-VNA