Vietnam's trade turnover is forecast to hit a record US$500 billion in 2019, and remain in the world's top 30 countries in terms of trade growth, according to Minister of Industry and Trade Tran Tuan Anh.

Minister of Industry and Trade Tran Tuan Anh. Source: VGP.

The result is of particular significance amid a slowdown in global and regional trade, indicating high and sustainable growth rate of international trade in Vietnam’s economic structure, said Anh in an interview with Cong Thuong Newspaper.

In the first 11 months of the year, the country’s external trade volume hit US$472.36 billion, up 7.3% compared to the same period in 2018, and recorded an all-time high trade surplus of US$10.94 billion. This will be the fourth consecutive years Vietnam records a trade surplus.

According to Anh, the government targets to have a balanced trade turnover by 2020, however, the fact that Vietnam has been posting a growing trade surplus since 2016 shows sustainability of Vietnam’s foreign trade activities.

Anh attributed the government's strong efforts to perfect the legal frameworks towards better business environment to strong development of the business community, particularly the private sector.

As of present, foreign direct investment commitments in Vietnam have topped US$360 billion, which plays a key part in enhancing Vietnam’s production capacity and forming regional and international production value chains right in the country.

Anh said not only foreign invested companies but also local enterprises, especially small and medium ones, have transformed and directly participated in Vietnam’s global integration process.

With improvements in productivity, IT application and corporate governance, local SMEs have contributed to Vietnam’s growing competitiveness, Anh added.

Anh noted Vietnam’s record trade turnover is a direct result of the government’s open door policies through 16 free trade agreements, including 12 already enforeced, making it possible for Vietnamese goods and services to compete with regional and international peers in 200 markets.

Anh added in the coming time, the Ministry of Industry and Trade is committed to ensuring sustainable development of export activities and maximum supports for the business community, which is a key player to spur Vietnam’s trade to new heights.