PM sets US$300 billion benchmark in export turnover for 2020


PM Nguyen Xuan Phuc speaking at a conference in Hanoi on December 27, 2019 to review the industry and trade sector’s operation in 2019 while mapping out plans for 2020. (Photo: VGP)

Prime Minister Nguyen Xuan Phuc has set three important goals in 2020 for the industry and trade sector, notably bringing the total export turnover to US$300 billion for the whole year.

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The cabinet leader made the order during a conference held by the Ministry of Industry and Trade (MOIT) in Hanoi on December 27, to review the industry and trade sector’s operation in 2019 and map out its plans for 2020.

Praising the vital role of the sector, which contributes up to 80% of the country’s GDP, PM Phuc stated that the whole industry and trade sector has made significant efforts to help Vietnam’s GDP grow by an impressive over 7% in the year.

The total foreign trade reached US$516 billion, an unprecedented record, in which, exports alone contributed to more than half, making Vietnam the 22nd largest exporter in the world with a total turnover of US$264 billion, the PM said, adding that the most notable achievement was the record trade surplus worth US$10 billion.

What’s even more impressive is that Vietnam’s global competitiveness index increased by 10 places, to rank 67 out of 141 countries and territories, in which the industry and trade sector has contributed in many outstanding indexes, PM Phuc said.

From such impressive achievements, the top leader set three important targets for the industry and trade sector in the year to come, namely contributing to the processing and manufacturing industry to increase by 12%, export turnover to reach the US$300 billion benchmark with trade surplus accounting for 2% of GDP, and the retail market growth to reach roughly 12%.

He also urged the sector to finalise a system of policies that have a long-term and consistent vision to help create a favourable environment for increasing the sector’s productivity, quality, efficiency and competitiveness.

Enterprises must be considered the centre of innovation, PM Phuc said, urging the sector to continue to create favourable conditions for people and enterprises’ production and business activities, while strongly restructuring the sector and applying scientific and technological advances to effectively participate in the global value chain.

The PM also suggested the MOIT to facilitate imports and exports, implement the signed free trade agreements effectively and focus on expanding potential markets, as well as building strong Vietnamese brands maintaining the retail market.

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