After 10 years of membership in the World Trade Organisation (WTO), Việt Nam’s export and import value has increased four times to reach over US$400 billion, or 170 per cent of the gross domestic product (GDP), according to the General Department of Customs (GDC).

Wood planks made by the SAHABAK Jsc. in Thanh Binh Industrial Zone, Bac Can Province.

At a ceremony organised by the GDC in Ha Noi on Tuesday to mark the $400 billion trade milestone, Deputy Prime Minister Vuong Dinh Hue heaped praise on the achievement, attributing it to “right policies” of the Communist Party of Viet Nam.

He also appreciated efforts made by the customs sector, especially in reforming its administrative procedures.

Hue noted that the nation’s trade value had doubled every five years and its GDP has also increased.

The trade value touched $100 billion for the first time in December 1, 2007 with the GDP reaching $77.4 billion that year. Corresponding figures in 2011 were $200 billion and $133 billion.

The growth trend continued, reaching $400 billion in trade value and nearly $225 billion in GDP for 2017.

Notably, Hue said, Viet Nam saw very strong growth in trade value from 2015 onwards, going from $300 billion to $400 billion. This was due, the Deputy PM said, to the effectiveness of Free Trade Agreements that Viet Nam had signed.

The good results in trading affirmed the correct policies on international economic integration espoused by the Party over the past 20 years and the Government’s consistent implementation of those policies, Hue said.

He noted that after joining the World Trade Organisation (WTO) in 2007, Viet Nam had actively and consistently negotiated bilateral free trade agreements.

Achievements in trade and foreign investment after joining the WTO demonstrate that international economic integration had promoted strong reforms of domestic economic institutions, improving national competitiveness, he added.

According to the World Trade Organisation, in 2006, Viet Nam’s total export and import turnover ranked 50th and 44th in the world. In 2015, the nation jumped 23 and 16 steps, occupying 27th and 28th positions, respectively. ​

GDC statistics also indicate that structure of export and import products has seen positive changes.

At present, Viet Nam has 30 export groups with an annual turnover of at least $1 billion each, including textiles, leather, footwear, coal and crude oil.

Foreign Direct Investment (FDI) pouring into Viet Nam over the last five years has contributed US$60 billion to the export value, the GDC said.

Meanwhile, in the first 11 months of 2017, key import products included electronics, computers and accessories ($34 billion), machines and tools ($30.7 billion), phones and spare parts ($14.4 billion), fiber ($10.3 billion), iron and steel ($8.3 billion), plastic ($6.7 billion), petrol ($6.3 billion) and materials for the textile, garment and footwear ($5 billion).

Viet Nam has trade relations with more than 200 countries and territories, gradually moving import-export market from Asia to Europe, America.

The high trade deficit recorded in the years 2006-2011 has reduced and the nation has even recorded trade surpluses in recent years, the GDC said. — VNS