Exports

In 2020, Hanoi targets GRDP growth of at least 7.5%.

In 2019, for the first time Vietnam’s trade turnover exceeded the US$500-billion mark to reach nearly US$517 billion, of which exports stood at US$263.5 billion, up 8% year-on-year.

The EVFTA is considered the new and modern free trade agreement with the strictest requirements and highest commitments, it obviously will bring tough challenges to Vietnam.

The Philippines and China, Vietnam’s two major rice export markets, may reduce rice imports in 2020.

In the first 11 months of the year, the country’s external trade hit US$472.36 billion, up 7.3% compared to the same period in 2018, and recorded an all-time high trade surplus of US$10.94 billion.

In 2019, the industry is estimated to have exports of US$39 billion, up 7.55% year-on-year and around US$1 billion lower than the target of US$40 billion.

The FDI sector posted exports of US$165.03 billion in the January – November period, up 4.1% year-on-year, accounting for 68.3% of Vietnam’s exports.

This would result in income per capita of VND136 million (US$5,871), significantly higher than Vietnam’s GDP per capita of US$3,000 in 2016 – 2020 and an estimated US$4,688 in 2021 – 2025.

Vietnamese and Mongolian enterprises would continue to cooperate in animal product export and tourism, as well as exchange experience in medical training.

Tariffs were a major reason behind the decline in US imports from China.