Vietnam expects to earn more than 212 billion USD from exports this year, much higher than 176 billion USD last year, according to head of the Ministry of Industry and Trade (MoIT)’s Planning Department Duong Duy Hung. 

The increase in the industrial production index will also contribute to gross domestic product growth of 6.7 percent this year. 

Statistics from the MoIT showed that as of December 19, 2017, Vietnam’s export-import revenue hit a record 400 billion USD compared to 100 billion USD a decade ago. 

Tran Thanh Hai, deputy head of the MoIT’s Import-Export Agency, said with the enforcement of free trade agreements with the Republic of Korea, the Eurasian Customs Union, ASEAN and the Regional Comprehensive Economic Partnership two years ago, Vietnam’s exports-imports have grown rapidly to 400 billion USD this year from 300 billion USD in 2015. 

Vietnam now has more than 200 trade partners, including 29 export and 23 import markets. The country is forecast to post a trade surplus of 3 billion USD this year, contributing to stabilising the macro-economy, curbing inflation and achieving all 13 socio-economic targets set by the government. 

The growth is mostly attributable to agro-forestry-fisheries, trade, services, manufacturing and restructuring of State-owned enterprises. 

The MoIT also paid attention to foreign markets, especially promising ones that signed trade deals with Vietnam, as well as domestic ones, consumer price index control and administrative reform.

The MoIT plans to continue refining legal regulations to improve State management, deal with loss-making projects and step up administrative reform.-VNA