2020 trade surplus estimated at $7 billion

Export revenue in 2020 is estimated to reach $267 billion while imports are to reach $260 billion, resulting in a trade surplus of some $7 billion, according to Deputy Minister of Industry and Trade Do Thang Hai.

Amid the impact of COVID-19, exports still rose 1 percent and were a bright spot and key foundation for the country’s economy to start the new year, Hai told a forum in Hanoi on December 16 to sketch out trade promotion orientations over the next five years.

He underlined that 2020 has been a tough year for all economic sectors, but foreign trade has been profitable.

The trade surplus in the first 11 months of this year was a record 20.1 billion USD, while total export-import revenue hit 489.1 billion USD, up 3.5 percent year-on-year, with export revenue rising 5.3 percent to 254.6 billion USD.

Notably, 31 products posted exports of over 1 billion USD, accounting for 92 percent of total revenue, Hai said.

He expressed his hope that forum participants would contribute ideas on how to expand trade promotions in each sector in a sustainable manner, as well as mid- and long-term measures to increase exports. International trade organisations are also expected to share their experience and provide information on market developments in the present and the future.

To Tuong Lan, Vice President of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the association has changed its marketing method from business-to-business to business-to-consumer, optimising connectivity tools such as websites, Google, Facebook, Pinterest, Instagram, and YouTube.

 

Its website attracted 14,000 visits in just three months, she said.

Meanwhile, Nguyen Chanh Phuong, Vice President and General Secretary of the Handicraft and Wood Industry Association of Ho Chi Minh City, said the wood sector aims for 20 billion USD in revenue this year, which will depend on three factors: materials, production, and exports.

The association is therefore working on securing certificates in sustainable forestry development to ensure the supply of materials, he said.

Vu Ba Phu, head of the Trade Promotion Agency at the Ministry of Industry and Trade, said that with trade of over 500 billion USD, trade promotions should be strengthened by optimising spending and applying information technology.

Amid a boom in e-commerce due to COVID-19, the ministry will support businesses to apply IT and develop e-commerce activities, he added./.VNA

Rice exporters have bumper year, VN becomes No 1 in the world

Rice exporters have bumper year, VN becomes No 1 in the world

The year 2020 has been a challenging year for many business fields, but not for rice production and exports. Vietnam has surpassed India and Thailand in terms of rice export price.

FTAs set to continue representing driving force for exports next year

FTAs set to continue representing driving force for exports next year

Local businesses have effectively utilised a number of free trade agreements (FTAs) signed by the country, many of which can be considered to add fresh impetus to boosting exports moving into next year, according to insiders.

 
 

Other News

.
Vietnam's economic growth to recover from Q4: Economist
Vietnam's economic growth to recover from Q4: Economist
BUSINESSicon  11/10/2021 

The Vietnamese economy is likely to gradually recover from the fourth quarter of 2021 and escape the minus growth seen in the third quarter.

Vietnam to pilot Mobile Money service for two years
Vietnam to pilot Mobile Money service for two years
BUSINESSicon  11/10/2021 

Vietnam will pilot Mobile Money service across the country for two years before officially launching it, according to Deputy Governor of the State Bank Dao Minh Tu.

Rapid vaccination and targeted policies key to Vietnam’s endemic growth
Rapid vaccination and targeted policies key to Vietnam’s endemic growth
BUSINESSicon  11/10/2021 

As the world is transitioning from pandemic to endemic, Vietnam needs to ensure its vaccination progress and greater adeptness at targeting control measures and support policies to follow suit.

Venture capital in Vietnam may surpass US$1 billion in 2021
Venture capital in Vietnam may surpass US$1 billion in 2021
BUSINESSicon  11/10/2021 

Venture capital in Vietnam will reach $600 million and may surpass $1 billion in 2021. The country is expected be an attractive destination for venture capital funds in the following years.

Vietnamese currency forecast to strengthen against US dollar in 2021
Vietnamese currency forecast to strengthen against US dollar in 2021
BUSINESSicon  11/10/2021 

Since July 2021, the Vietnamese dong has strengthened by 1.3 per cent against the US dollar and the unit has averaged VND23,930 per US dollar in the year-to-October.

Foreign businesses continue to see Vietnam as a good investment location
Foreign businesses continue to see Vietnam as a good investment location
BUSINESSicon  11/10/2021 

While a number of foreign companies have moved part of their production or orders to other countries, many said they still see Viet Nam as a good...

Will Mobile World open new TopZone chain abroad?
Will Mobile World open new TopZone chain abroad?
BUSINESSicon  11/10/2021 

The Gioi Di Dong (Mobile World) has revealed the opening of a new chain named TopZone, with many indications that it will be their second retail chain abroad.

Domestic petrol prices to reach new highs on global market rally
Domestic petrol prices to reach new highs on global market rally
BUSINESSicon  10/10/2021 

Retail petrol prices in Vietnam are likely to reach new highs when the Ministry of Finance and the Ministry of Industry and Trade announce their price adjustments on October 11.

Media, businesses together overcome impact of Covid-19 pandemic
Media, businesses together overcome impact of Covid-19 pandemic
BUSINESSicon  10/10/2021 

The online forum "The press accompanies businesses to restore production and business, overcome the impact of the pandemic" to mark Vietnam Entrepreneurs' Day on October 13.

Efforts made to protect interests of Vietnamese products in EU market
Efforts made to protect interests of Vietnamese products in EU market
BUSINESSicon  10/10/2021 

Vietnam has taken various measures in a bid to protect the interest of Vietnamese products and exporters in the EU markets, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).

Local property market expects strong rebound
Local property market expects strong rebound
BUSINESSicon  09/10/2021 

The country’s real estate market has seen positive signs for recovery following the economic reopening, experts said.

'Nike leaves Vietnam': phony news and warnings
'Nike leaves Vietnam': phony news and warnings
FEATUREicon  10/10/2021 

"Nike is leaving Vietnam" has been confirmed as misinformation. Nike does not own any factories in Vietnam, but only hires partners in Vietnam to process its products.

Nine ministries want to return VND8 trillion of public capital
Nine ministries want to return VND8 trillion of public capital
BUSINESSicon  10/10/2021 

Nine ministries have told the Ministry of Finance they want to return a total of VND 8,054 billion of foreign loans that they could not disburse.

Vietnam works towards responsible, sustainable fishery sector
Vietnam works towards responsible, sustainable fishery sector
BUSINESSicon  09/10/2021 

Vietnam’s fishermen, businesses and government have joined hands in implementing fishing regulations, in a bid to have the European Commission (EC)’s illegal, unreported and unregulated (IUU) fishing “yellow card” removed. ​

Resumption of flights to Hanoi, no concentrated quarantine for people with negative Covid tests proposed
Resumption of flights to Hanoi, no concentrated quarantine for people with negative Covid tests proposed
FEATUREicon  09/10/2021 

The Vietnam Aviation Business Association (VABA) has cities and provinces to resume flights to their localities, especially flights to/from Noi Bai, Da Nang and Tan Son Nhat, on October 10.

Which bailout package for the economy will be passed?
Which bailout package for the economy will be passed?
FEATUREicon  09/10/2021 

Minister of Planning and Investment Nguyen Chi Dung has been assigned a difficult task – drafting a program on recovering and developing the economy in association with improving economic autonomy in 2022-2023.

Wind and solar power: race to exploit endless resources
Wind and solar power: race to exploit endless resources
FEATUREicon  08/10/2021 

In the Draft Power Development Planning 8, one of the power source scenarios with the highest scores is the development of power sources associated with renewable energy under Resolution 55 of the Politburo.

Vietnamese giants acquire foreign corporations
Vietnamese giants acquire foreign corporations
FEATUREicon  11/10/2021 

In 2020, Masan took over the tungsten division of H.C. Starck Tungsten, the world’s leading manufacturer with thermal resistance technology, as part of its plan to become a leading high-tech industrial material manufacturer.

Military Bank named among ‘Best Companies to Work for in Asia 2021’
Military Bank named among ‘Best Companies to Work for in Asia 2021’
BUSINESSicon  08/10/2021 

The Military Commercial Joint Stock Bank (MB) on October 8 received the "Best Companies to Work for in Asia 2021" award by HR Asia, a leading HR magazine in Asia.

Vietnam’s steel group in the world’s top 15 for market capitalization
Vietnam’s steel group in the world’s top 15 for market capitalization
BUSINESSicon  08/10/2021 

Hoa Phat Stee Group of billionaire Tran Dinh Long has entered the world's top 15 corporations in terms of market capitalization.

 
 
 
Leave your comment on an article

OR QUICK LOGIN