Vietnam’s export revenue expected to reach US$267 billion in 2020

Vietnam’s total export revenue is forecast to reach US$267 billion in 2020, up 1% while import revenue isexpected to hit US$260 billion, up 2.6% over the previous year.

In addition, Vietnam’s trade surplus is estimated to reach US$7 billion in 2020. Amid difficulties due to the COVID-19 pandemic, exports have become a highlight of the Vietnamese economy, being an important foundation for the economy to enter 2021.

Deputy Minister of Industry and Trade Do Thang Haimade the remarks at the Vietnam Export PromotionForum 2020 entitled “Trade promotion for sustainable export development in the implementation context of EVFTA, CPTPP and new-generation free trade agreements” held in Hanoi on December 16.

Hai emphasised that the year 2020 has been a challenging year for all sectors, however, Vietnam’s foreign tradeactivities have still achieved proud results.

Vietnam posted a record trade surplus of US$20.1 billionin the first 11 months of this year. Total import and export revenue reached US$489.1 billion in 11 months, up 3.5% over the same period last year.

Hai noted that through the forum, the ministry wishes to listen to recommendations and proposals on trade promotion for sustainable exports as well as experience on trade promotion from international trade promotion organisations to devise a direction for Vietnamese market and enterprises.

Director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade Vu Ba Phu said that the ministry will focus on supporting export enterprises to respond proactively to the COVID-19 epidemic andenhance product and brand image while promoting the application of information technology and e-commerce in their business activities.

Source: Nhan Dan Online