Trade sector asked to strive for 300 bln USD from exports next year

Prime Minister Nguyen Xuan Phuc asked the industry and trade sector to strive for an export turnover of 300 billion USD next year during a conference held in Hanoi on December 27.

trade sector asked to strive for 300 bln usd from exports next year hinh 0
At the ceremony to launch procedures to issue online certificates of origin, form D (Photo: VNA)
PM Phuc lauded the sector for record export-import value that contributed to an economic growth of 7.02 percent this year.

Industry and services accounted for 80 percent of the gross domestic product (GDP) and 70 percent of the State budget collection, he said, adding that Vietnam became the 22nd largest exporter globally with export growth quadrupling the world’s average.

This year, export-import value hit a record 517 billion USD, with a trade surplus of nearly 10 billion USD. Export by domestic firms reached 82 billion USD, or nearly one-third of the country’s total exports.

According to the government leader, manufacturing and processing, electricity, chemicals, oil and gas have significantly contributed to the industry.

PM Phuc assigned the Ministry of Industry and Trade to closely follow the Politburo’s Resolution No.23 on orientations to building the national industry development policy till 2030 with a vision to 2045. Accordingly, the building of mechanisms and policies for spearhead industries is an urgent need.

The ministry was also tasked with developing the processing industry based on innovations as a foundation for competition

As Vietnam has joined a number of new-generation free trade agreements (FTAs), the PM directed providing all possible support for export-import and adjust relevant policies for each period.

He required that the sector must target a 12 percent growth for manufacturing and processing, trade surplus accounting for 2 percent of the GDP, and a 12 percent growth in total retail and services next year.

To such end, the PM proposed tapping markets that signed FTAs with Vietnam, especially those in the European Union and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).  

The sector was also urged to deliver on international commitments and deal with loss-making projects.

On the occasion, the ministry also launched procedures to issue online certificates of origin, form D.

VNA