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Source: Socialist Republic of Vietnam

According to the Ministry of Industry and Trade’s Import-Export Agency, Vietnam earned US$202 billion from exports in the first nine months of 2020, a year-on-year rise of 4%.

Of note, the domestic economic sector is the driver of the growth as it enjoyed a year-on-year increase rate of 19.5%, with US$71.4 billion.

The export value is expected to surge in the fourth quarter when Vietnam brings into full play incentives of signed free trade agreements, especially the EU-Vietnam Free Trade Agreement (EVFTA) which became effective on August 1.

In August, Vietnam’s export turnover to the EU reached US$3.25 billion, up 4.65% compared to that of July. The turnover in September also posted a 14.4% surge year-on-year.

Deputy head of the agency Tran Thanh Hai said that during January-September, the US was Vietnam’s largest importer with a value of US$54.7 billion, a year-on-year rise of 22.6%.

To achieve US$300 billion in export turnover, the Ministry of Industry and Trade worked on a trade promotion plan for 2020-2025, which focuses on potential and advantageous products.

The ministry will assist local businesses in intensifying exports, especially to the Republic of Korea, Japan and China, and continue organising virtual business exchanges and trade promotion activities.

MIL OSI Asia Pacific News