Targeting US$300 billion in exports by 2020

17:06 | 23/06/2016 Trade

(VEN) - Exports have been a highlight in the Vietnamese economy in recent years. It is forecast that exports will further prosper in the near future with revenues of about US$300 billion by 2020.

Targeting US$300 billion in exports by 2020

Continuous growth

Vietnam’s exports reached a record high of US$165 billion in 2015, compared with just US$48.56 billion in 2007 when the Ministry of Industry and Trade was established as a result of the merger between the Ministry of Trade and the Ministry of Industry.

In particular, export revenues increased by an average of 17.5 percent per year in the recent five years, much higher than the target of 12 percent set in the Export and Import Strategy for the Period from 2011-2020, with a Vision to 2030.

In addition, Vietnam currently has trade ties with more than 200 countries and territories. Of these, 29 generated more than US$1 billion each worth of Vietnam’s export earnings.

The export structure has also been streamlined in the direction of rapidly increasing the percentage of processed industrial products, which currently account for almost 80 percent of Vietnam’s total export revenues.

Major export items maintained stable growth including textiles and garments, footwear, wood furniture, machinery, equipment and spare parts, while many new products were exported such as mobile phones, computers and electronic appliances.

Agricultural products always took second place among Vietnamese exports in terms of revenue. Despite difficulties due to the falling demand in recent years, Vietnamese agricultural exports such as rice, pepper, cashew nuts and coffee maintained their top position in the global market.

In particular, Vietnamese vegetables and fruits have not only been recognized among the top billion  dollar exports (reaching US$1.8 billion in 2015) but have also been accepted in hard-to-please markets like Australia, which opened its doors for Vietnamese litchis in 2015 and is going to import Vietnamese mangoes. The US has allowed Vietnamese longans and litchis to enter their market, while the Republic of Korea and Japan have granted licenses for import of Vietnamese mangoes, which are expected to grow robustly in the short term.

Higher targets

According to the project to develop regional markets during the 2015-2020 period, with a vision to 2030, Vietnam will try to export US$300 billion worth of goods by 2020 growing by 11-12 percent per year, despite numerous difficulties in the global economy and the slowing growth in exports.

To realize this target, Minister of Industry and Trade Tran Tuan Anh said that the ministry will focus on three major tasks. First is to develop production and increase the availability of goods for export by modifying policies to strongly attract domestic and foreign investment in export production, encouraging investment in production of high-value and high-tech goods and import substitutions. Second is to develop the market, make the most of free trade agreements by improving market updates and forecasts and strengthening trade promotion activities. Third is to develop the competitiveness of exports via renewing technology, improving product design, persifying the product range, increasing the quality of products, and making international-standard goods.

Minister of Industry and Trade Tran Tuan Anh:

Once stable growth continues and new opportunities are realized, the target of US$300 billion in exports by 2020 is likely to become a reality.

 

 

Phuong Lan

Theo ven.vn