Vietnam’s 2020 trade volume could reach over $500 billion

In the first 11 months of the year, the country’s total import-export turnover stood at approximately $490 billion, with the export volume reaching about $255 billion, an increase of 5.5 percent over the same period in 2019.

Notably, Vietnam continued to maintain a trade surplus at around $20 billion.

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

Given the impressive growth rate in recent months, it is likely that the scale of Vietnam’s import-export turnover in 2020 will reach about $540 billion, about $23 billion higher than the 2019 value $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 $516.96 billion, and the trade surplus reached an all-time high of $9.9 billion. 

Source: VGP