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Vietnam likely to earn 300 billion USD in exports this year

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.
Vietnam likely to earn 300 billion USD in exports this year ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) – The industry and trade sector is exertingall-out efforts to achieve the target of 300 billion USD in export turnoverthis year in the context that the COVID-19 pandemic is seriously affectingglobal trade.

According to the Ministry of Industry and Trade’sImport-Export Agency, Vietnam earned 202 billion USD from exports in the firstnine months of 2020, a year-on-year rise of 4 percent.

Of note, the domestic economic sector is the driver of thegrowth as it enjoyed a year-on-year increase rate of 19.5 percent, with 71.4billion USD.

The export value is expected to surge in the fourth quarterwhen Vietnam brings into full play incentives of signed free trade agreements, especiallythe 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, up4.65 percent compared to that of July. The turnover in September also posted a14.4 percent surge year-on-year.

Deputy head of the agency Tran Thanh Hai saidthat 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 Ministryof Industry and Trade worked on a trade promotion plan for 2020-2025, whichfocuses on potential and advantageous products.

The ministry will assist local businesses in intensifyingexports, especially to the Republic of Korea, Japan and China, and continueorganising virtual business exchanges and trade promotion activities./.
VNA
#industry and trade sector #Vietnam #export turnover #300 billion USD #COVID-19 #Vietnamplus #Vietnam News Agency
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