By 2025, the trade ministry targets around 45% of small and medium enterprises of Vietnam taking part in e-commerce.
Vietnam’s exports are expected to expand at an annual growth rate of 5% and reach a turnover of US$340 billion by 2025, the Ministry of Industry and Trade (MoIT) said in its socio-economic development plan for the 2021 – 2025 period.
Vietnam's exports expected to hit US$340 billion by 2025. |
Following the plan, domestic firms would keep an export growth rate of 5% per yea and exports to the European and American markets are set to grow 7–10% per year on average.
Meanwhile, imports during the 2021 – 2025 would expand at an annual rate of 4.9% to US$330 billion by 2025, resulting in a trade surplus of around US$10 billion at that time, while import growth of domestic enterprises is set at 6% per year.
By 2025, the MoIT targets the industry to make up over 35% of Vietnam’s GDP with an annual average growth rate of over 7.5%.The manufacturing and processing sector would increase over 10%.
During this period, Vietnam would form a number of specialized industrial clusters in textile, footwear, electronics and food processing, among others.
The trade ministry also expected added value from domestic trade to contribute 13.5% to GDP by 2025, for which revenue from goods retail sales and services in the 2021 – 2025 would increase by 9 – 9.5% per year. By 2025, Vietnam would have 45% of small and medium enterprises taking part in e-commerce activities.
To achieve these goals, the MoIT would step up efforts to restructure the economy and revise the growth model towards greater productivity, quality and competitiveness.
Between January and July this year, Vietnam’s export turnover topped US$147.6 billion, up 1.5% year-on-year, and the import value was US$139.2 billion, down 3%. As a result, Vietnam’s trade surplus during the period stood at US$8.4 billion, significantly higher than a surplus of US$1.8 billion in the same period last year.
Other News
- Vietnam among Asia-Pacific's fastest growing economies: FedEx
- Vietnam’s stock market remains attractive investment channel: Expert
- Cuba appreciates Vietnam’s support in food and fisheries production
- Vietnam, China to step up cooperation strategy for mutual development
- PM orders urgent measures to address volatile gold prices
- Vietnam earns US$1.4 billion from rice exports in Q1
- Russia’s Zarubezhneft Group explores opportunity for offshore wind projects in Vietnam
- Vietnam poised to reap rewards of rebound in global demand: AMRO
- India, Vietnam seek strong development objectives: Ambassador
- Vietnam’s economy set for speedy recovery in latter half of 2024
Trending
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
Vietnam news in brief - April 25
-
Vietnamese contemporary ballet celebrates Europe Day
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area