Vietnam’s import-export turnover hits US$ 400 billion

Wednesday, 2017-12-20 11:35:18
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Vietnam’s import-export turnover hits US$ 400 billion
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NDO – The General Department of Customs organised a ceremony on December 19 to mark Vietnam’s total import-export turnover reaching US$400 billion in mid-December, doubling the amount of six years ago.

According to statistics released by the General Department of Vietnam Customs (Ministry of Finance), the foreign trade value of Vietnam, as well as the scale of the economy, has significantly improved. Specifically, on December 1, 2007, trade value had reached US$ 100 billion for the first time, while the scale of the economy was US$77.4 billion. Four years later, on December 24, 2011, the trade value of Vietnam reached US$200 billion and the scale of economy was at US$ 133 billion. At present, after 6 years, this figure has reached US$ 400 billion and the scale of the economy has reached US$200 billion.

As such, in the 10 years from 2007 to 2017, Vietnam’s trade value has increased four fold.

Addressing the ceremony, Deputy Prime Minister Vuong Dinh Hue stressed that Vietnam’s rankings in the WTO’s trade profile have improved significantly. The country was ranked at 50th in export and 41st in import in 2007, increasing respectively to 26th and 25th in 2016.

Finance Minister Dinh Tien Dung said his ministry will coordinate with the relevant agencies and localities to remove all barriers facing the business community, with a goal towards US$500 billion worth of import-export revenue in the next two years.

According to the General Department of Vietnam Customs, Vietnam’s import – export value was US$385.77 billion in the first 11 months of 2017, soaring by US$67.93 billion from 2016, the highest annual increase to date. During the period, the country posted the highest-ever trade surplus of US$3.17 billion.