Commodity export situation and export forecast for the period 2021-2025
Forecast of Vietnam's merchandise export in the last months of the year Goods export activities of Vietnam at the end of the year are forecasted to still face many difficulties in the short term. However, according to the Ministry of Industry and Trade, with the EVFTA Agreement officially taking effect from today (August 1, 2020), opening up great opportunities for goods and businesses in Vietnam. If the disease is controlled in Europe, and the EVFTA Agreement is put into effect, Vietnamese businesses will have a huge advantage from reducing and eliminating tariff barriers on the EU market. This is a great opportunity for Vietnam to access the second largest import market in the world with a population of more than 508 million and a GDP of about 18,000 billion USD. With strong market opening commitments, and commitments to abolish import duties up to nearly 100% of the EVFTA tariff after a short journey, the opportunity to increase Vietnam's exports to the EU is huge, especially for advantageous products such as textiles, footwear, agriculture, seafood, furniture …
Support for export activities of the Ministry of Industry and Trade
To support export activities, the Ministry of Industry and Trade is implementing activities to connect online trade between Vietnamese businesses and partners who have import demands, in order to expand markets for agricultural products.
Most recently, on August 20, the Ministry of Industry and Trade cooperated with a number of businesses and industry associations to hold "Online training seminars - connecting Vietnamese businesses with foreign distribution systems" . Deputy Minister of Industry and Trade Do Thang Hai affirmed that this is an important event. Because in the context of the disease is still unstable in Vietnam and around the world, the production and business activities of enterprises are deeply affected, the export market as well as the supply of goods in the world have disturbances. and broken, more than ever, the need to maintain a stable supply system and consumption market, especially for everyday consumer goods such as agricultural products and foodstuffs, is an urgent need of the distribution groups as well as those of Vietnamese exporters.
The target for export turnover to increase by 5% / year in the period 2021-2025
The development plan for the period 2021 - 2025 of the Industry and Trade sector is formulated by the Ministry of Industry and Trade and sent to the Ministry of Planning and Investment, in order to contribute to building the national socio-economic development plan for the period 2021 - 2025 target export turnover of this period will grow by 5% / year.
Commodity export has been one of the bright spots of national economic activity for many years, contributing positively to GDP growth. Statistics of the Ministry of Industry and Trade show that export turnover of goods in the period 2016 - 2019 has increased from 176.58 billion USD in 2016 to 264.27 billion USD in 2019. From 2017, export per capita has started. exceeded the target set out in the Goods Import and Export Strategy for the period 2011 - 2020 (reaching 2,552 USD compared with the target of 2,000 USD).
This result is in large part thanks to the production and export activities of large corporations. In addition, the implementation of agreements such as CPTPP also contributes significantly to market expansion. In addition, the Ministry of Industry and Trade pointed out that Vietnam has made good use of the opportunity to exploit the market gap in the face of the US-China trade war, with a sharp increase in exports to the US for a number of Vietnamese goods. advantage to replace Chinese goods. In an interview with the reporter of the Industry and Trade Newspaper, Minister of Industry and Trade Tran Tuan Anh affirmed: “The major solutions, including from enhancing Vietnam's production capacity and exporting Vietnam towards focusing on expansion and development In depth, to groups of solutions for market development, credit and financial policies, and restructuring of state-owned enterprises ... diversified and synchronous, helped us to implement well the export roadmap, reach and exceed the just set out ".
In the period of 2021 - 2025, the Ministry of Industry and Trade strives for the average export growth rate of 5% / year, the export turnover will reach around 340 billion USD by 2025; The growth rate of exporting goods of domestic enterprises increased 5%; in which, export to Europe - America market area grows by 7-10% / year on average. The group of processed industrial goods is considered to continue to be the driving force of the export of goods with the proportion in the total turnover increasing to about 85.3% by 2025.
