Vietnam’s trade turnover reached more than US$493.7 billion from the beginning of this year to mid-December, statistics from the General Department of Customs revealed.
Cargo containers are loaded from a ship at Hon La Port in the central province of Quang Binh.
Of the total, the export turnover saw a year-on-year increase of 8 per cent to $251.66 billion while the import value hit $241.05 billion, up 6.5 per cent over the same period of last year.
As per the data, the country enjoyed a trade surplus of more than $10.6 billion during the period.
Some staples recording a significant export earning included computers, electronics and components with more than $34 billion and textile and garment with $31.1 billion.
Meanwhile, several items with a high import turnover were computers, electronics and components with more than $49 billion and machinery, equipment and parts with nearly $34.8 billion.
With an average increase of 13 per cent per year in recent years, Viet Nam was among the world’s top 30 countries in terms of trade growth.
According to the Ministry of Industry and Trade, the Government’s efforts in improving the business climate created an impetus to increase the development of businesses, especially private firms, and attract foreign investment, which helped leverage the country’s production capacity and participate in the global production chain.
The nation’s trade value this year was estimated to touch $500 billion, two years after hitting the $400 billion threshold, it said. — VNS
Vietnam is planning to launch a VND136 billion (US$5.8 million) trade promotion programme in 2020, focusing on expanding key markets and enabling Vietnamese firms to join global value chains.
Bilateral trade between Vietnam and South Korea is well on track to reach US$200 billion in 2020, said Kim Dong Bae, minister counsellor at the Republic of Korea’s Embassy in Vietnam.