Saturday, 28/12/2019 09:52 (GMT+7)
(CPV) - In 2019, Vietnam earned trade surplus of USD10 billion, exceeding the year’s target. This is the fourth consecutive year, the trade balance inclined exports since 2016.
Processing and manufacturing industry made a significant contribution to trade surplus in 2019. (Photo: VNA)
According the Ministry of Industry and Trade’s Department of Exports and Imports; the country’s export turnover reached an estimated USD264 billion, a year-on-year rise of 8%.
Notably, processing and manufacturing industry made a significant contribution to the result with an export value of over USD222 billion; accounting for about 84.3% of the total.
Among 34 major industrial processing commodity groups, 26 groups are bagging export turnover of over USD1 billion each, 8 groups with USD5 billion each and 3 groups with over USD30 billion each.
The Department of Exports and Imports said that, thanks to the Government and State offering favourable conditions for domestic businesses to produce, export and overcome trade barriers from foreign markets, the industries could achieve these impressive results.
Along with that, to follow the Government’s direction, from the beginning of 2019, the Ministry of Industry and Trade asked functional units to continue checking and cutting illogical business conditions and administrative procedures in order to facilitate export goods and assist businesses to best exploit benefits from free trade agreements (FTAs), especially CPTPP and EVFTA.
At the same time, the organ actively grasped the situation of applying protective measures of importers to timely provide information to domestic businesses and take appropriate measures to fight against and remove unreasonable technical and trade barriers on export goods.
As a result, businesses took better advantage of opportunities offered by FTAs and some new markets in CPTPP like Canada and Mexico, saw good growth right after the agreement came into effect./.
BTA