Prime Minister Nguyen Xuan Phuc expected Vietnam to reach export value to grow 13.8% year-on-year to reach US$300 billion in 2020 and extend the trade surplus status to a fifth consecutive year, local media reported.

Overview of the ceremony.

In 2019, for the first time Vietnam’s trade turnover exceeded the US$500-billion mark to nearly US$517 billion, up 8% year-on-year, and earned a trade surplus of nearly US$10 billion. Of the total trade revenue, exports stood at US$263.5 billion, up 8% year-on-year.

Data: GSO. Chart: Ngoc Mai.

In ASEAN, Vietnam remained third in terms of trade revenue, behind Singapore and Thailand.

Amid a sharp decline in global trade growth to the lowest in the past 10 years, it was a huge achievement for Vietnam to reach such a high trade turnover, said Phuc at a ceremony marking Vietnam’s high performance in trade on December 30.

To achieve the trade target in 2020, Phuc said it is essential to increase added value for export products and reduce logistics costs, citing an example that logistics costs currently account for 50% of prices of Vietnam’s mango in foreign markets.

Another priority is to develop the supporting industries, added Phuc.

Vietnamese enterprises should continue to cooperate with each other in sharing the chain value and protecting Vietnamese goods, particularly avoiding legal trade disputes, Phuc requested.

Phuc was referring to growing cases of illegal transshipment via Vietnam to third countries, saying more measures are needed to protect compliant traders.

At the event, Minister of Finance Dinh Tien Dung said the ministry is committed to supporting enterprises through simplified administrative procedures, while continuing to addressing concerns of enterprises to boost trade.