Vietnam trade ministry aims at US$340-billion exports by 2025
The Hanoitimes - 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.
- Vietnam’s packaged food enjoys double-digit growth in post Covid-19: Kantar
- Over 200 Vietnam firms to join Factory Network Business Expo Hanoi 2020
- EU-Vietnam Business Council founded to support implementation of EVFTA
- Vietnam records world’s highest trade growth in Q3: UNCTAD
- VEPR revises down Vietnam's 2020 GDP growth forecast to 2.8%
- Vietnam e-commerce market may lose US$2.6 billion on Covid-19
- Vietnam: Lessons drawn from first gov’t Covid-19 relief package
- Vietnam economic recovery firms up in September: WB
- Vietnam to host week for promotion of Made-in-Vietnam goods
- Trade probes against Vietnam exports double in 9 months
Hanoi party officials assigned with new tasks
Hanoi ranks third nationwide in FDI attraction with US$3.13 billion
Photo of Covid lockdown in Hanoi wins int’l award
Hanoi ends three-day garbage crisis
Hanoi completes traffic infrastructure to develop satellite urban areas: Official
Close-up of first train of Hanoi’s second metro line put on rails
Apple partner Pegatron mulls US$1-billion investment in hi-tech projects in Vietnam
Hanoi’s weekend pedestrian streets allowed to reopen from September 18
European investors propose US$1 billion logistics project in Vietnam