VN emerges as 22th largest exporter

After 25-year ASEAN membership and ten-year WTO admission, Viet Nam has emerged as the world's 22nd largest exporter, said Minister of Industry and Trade Tran Tuan Anh.

VN emerges as 22th largest exporter

Photo for illustration.

Minister Tuan Anh made the point while assessing overseas shipment of Vietnamese products over the past time.

Export turnover grew quickly by over 15% in the 2011-2019 period and touched US$ 500 billion by mid-December.

Viet Nam is projected to run a trade surplus in the fourth consecutive year (about US$ 9.9 billion).

A series of exports recorded high performance including garments and textiles (ranking seventh globally with about US$ 33 billion); leather shoses (third); electronics (12th); aquaculture (fourth with about US$ 9 billion); furniture(fifth with about US$ 9 billion).

In addition, the domestic market expanded stably; total retail sales of goods and services grew nearly 17.5% over the past ten years, three times higher than GDP growth rate.

Viet Namentered Top 6most-attractive retail markets in the world this year by A.T. Kearney in its Global Retail Development Index (GRDI). Joyfully, a series of retail sale markets have developed at fast paces.

So far, Vietnamese enterprises have utilizedFTAs opportunities. For example, the Viet Nam-RoK FTA helped to boost export turnover by 21.6 times. The Viet Nam-Chile FTA spurred export by 3.6 times.

Noticeably, export growth rate of domestic enterprises was higher than that of the FDI sector.

However, Vietnamese exports are struggling with 150 trade defense cases raised by 19 countries and territories.

In the coming time, the Ministry of Industry and Trade will fruitfully realize action plans on FTAs implementation especially CPTPP and EVFTA; properly handle trade defense measures and technical defense measures especially regulations and criteria on environment, climate change, labor, and society for exports and prevention of origin frauds. Trade promotion activities will be renovated.

(Source: VGP)