Trade volume may reach over US$500 billion this year
17:15 | 15/12/2020

VGP – Viet Nam’s import-export value in 2020 is expected to extend the result attained last year (hitting more than US$500 billion) despite the significant impact of the COVID-19 pandemic on foreign trade activities.

Statistics from the General Department of Customs show that in the first 11 months of the year, the country’s total import-export turnover stood at approximately US$490 billion, with the export volume reaching about US$255 billion, an increase of 5.5% over the same period in 2019.

Notably, Viet Nam continued to maintain a trade surplus at around US$20 billion.

An important factor behind the impressive trade value is the businesses’ effective utilization of free trade agreements (FTAs), such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Viet Nam Free Trade Agreement (EVFTA).

Given the impressive growth rate in recent months, it is likely that the scale of Viet Nam’s import-export turnover in 2020 will reach about US$540 billion, about US$23 billion higher than the 2019 value (US$517.26 billion.

So far, the Ministry of Trade and Industry has coordinated with other ministries and sectors to negotiate 16 FTAs, 13 of which have already come into force.

Last year, the country’s trade turnover is estimated at US$516.96 billion, and the trade surplus reached an all-time high of US$9.9 billion./.

                                                                                                By Vien Nhu

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