Ensuring sustainable export-import growth in 2020

Tuesday, 2019-12-31 12:15:20
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Vietnam's exports in 2019 were estimated at US$262.45 billion, outstripping imports by US$9.94 billion.
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NDO - Vietnam’s export and import activities continue to register impressive growth in 2019, following the positive results seen in the previous two years.

Data released by the General Statistics Office showed that Vietnam exported and imported goods worth an average of US$43 billion a month, helping the country to clock up a record figure of US$516.96 billion for the whole year, up 7.6% from 2018.

Of the data, exports were estimated at US$262.45 billion, outstripping imports by US$9.94 billion, the highest trade surplus that Vietnam has ever recorded.

What is worth mentioning is that such spectacular results came at a time when Vietnam was faced with a great deal of difficulties in terms of export markets and domestic production. The global economy has never seen such rapid, complex and unpredictable developments as in 2019. Global and regional uncertainties, growing strategic competition and trade tensions between major economies have caused global trade to slump.

Amid such an adverse environment, Vietnam’s export-import growth remained decent as a result of the enormous efforts of the government and especially the business community. Such an impressive result has made a significant contribution to the broader economic growth.

In 2020 the international and regional situations will remain unpredictable. Global economic and trade are projected to grow at a slower pace and with heightened risks. For Vietnam, although the export markets are expanded through various free trade agreements, the country is expected to face tough challenges brought about by growing protectionism and technical barriers imposed by many major export markets.

Therefore, in addition to the business community’s efforts, the ministries, local authorities and especially the Ministry of Industry and Trade need to take a series of effective measures to remove the obstacles for Vietnamese exports.

First and foremost, it is necessary to closely monitor global changes to take a proactive approach to economic management. Second, innovation and coordination efforts are needed to deal with problems arising from international trade such as overcoming trade barriers, anti-dumping and countervailing duties imposed on Vietnamese goods.

Furthermore, measures are needed to boost logistics services in order to increase the competitiveness of Vietnamese goods, and to step up the promotion of Vietnamese exports at key markets. Finally, it is necessary to closely monitor the import situation and take appropriate import management measures in line with international commitments when necessary.

With the above-mentioned actions, it is expected that export and import activities will continue to make substantial contributions to economic growth in 2020 and the years following.