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​Vietnam reaches $400bn in import-export turnover

Wednesday, December 20, 2017, 11:37 GMT+7

Vietnam is on track to post its highest ever annual import-export turnover figure of US$410 billion by the end of the year.

With total import-export revenue already eclipsing $400 billion as of mid-December, a ceremony was held on Tuesday to mark the new milestone, with Deputy Prime Minister Vuong Dinh Hue delivering a keynote speech.

“Vietnam’s import and export value has reached $400 billion and will certainly increase to $410 billion by year-end, which enhances Vietnam’s position in the world,” the deputy premier said.

Hue said the $400 billion milestone illustrates Vietnam’s impressive performance since it joined the World Trade Organization in 2007.

In 2007, Vietnam achieved $100 billion in foreign trade value for the first time, then doubled the figure in 2011, before it increased to $300 billion by 2015.

“The $400 billion figure in total import and export value represents a fourfold increase in ten years,” the deputy premier said.

Hue attributed the outcome to concerted efforts by the entire nation and praised the customs sector for its hard work in administrative reform.

This has also helped significantly increase Vietnam’s rankings in the WTO’s trade profile, according to the deputy premier. During its first year of WTO membership, Vietnam stood in 50th place in export and 41st for imports. By 2016 those rankings were 26th and 25th respectively.

As the country looks to set a new goal of $500 billion in the next two years, Minister of Finance Dinh Tien Dung said his ministry was committed to working with relevant agencies and provincial authorities to remove barriers facing the business community.

In the Jan-Nov period of this year, Vietnam logged total import and export value of $385.77 billion, according to the General Department of Vietnam Customs.

During this period, Vietnam’s exports topped $194.47 billion, up 21.5 percent year on year, while imports stood at $191.3 billion, meaning the country had achieved its highest-ever trade surplus of $3.17 billion.

The 11-month total also represents an increase of $67.93 billion on the same period in 2016, the highest annual increase to date.

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