31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam trade ministry aims at US$340-billion exports by 2025
Hai Yen - Anh Ngoc 16:59, 2020/08/14
By 2025, the trade ministry targets around 45% of small and medium enterprises of Vietnam taking part in e-commerce.

Vietnam’s exports are expected to expand at an annual growth rate of 5% and reach a turnover of US$340 billion by 2025, the Ministry of Industry and Trade (MoIT) said in its socio-economic development plan for the 2021 – 2025 period.

 Vietnam's exports expected to hit US$340 billion by 2025. 

Following the plan, domestic firms would keep an export growth rate of 5% per yea and exports to the European and American markets are set to grow 7–10% per year on average.

Meanwhile, imports during the 2021 – 2025 would expand at an annual rate of 4.9% to US$330 billion by 2025, resulting in a trade surplus of around US$10 billion at that time, while import growth of domestic enterprises is set at 6% per year.

By 2025, the MoIT targets the industry to make up over 35% of Vietnam’s GDP with an annual average growth rate of over 7.5%.The manufacturing and processing sector would increase over 10%.

During this period, Vietnam would form a number of specialized industrial clusters in textile, footwear, electronics and food processing, among others.

The trade ministry also expected added value from domestic trade to contribute 13.5% to GDP by 2025, for which revenue from goods retail sales and services in the 2021 – 2025 would increase by 9 – 9.5% per year. By 2025, Vietnam would have 45% of small and medium enterprises taking part in e-commerce activities.

To achieve these goals, the MoIT would step up efforts to restructure the economy and revise the growth model towards greater productivity, quality and competitiveness.

Between January and July this year, Vietnam’s export turnover topped US$147.6 billion, up 1.5% year-on-year, and the import value was US$139.2 billion, down 3%. As a result, Vietnam’s trade surplus during the period stood at US$8.4 billion, significantly higher than a surplus of US$1.8 billion in the same period last year.

RELATED NEWS
TAG: Vietnam trade targets exports 2025 e-commerce SMEs MOIT
Other news
18:08, 2022/08/30
Vietnam ensures steady rice supply for Cuba
Rice remains the key product that Vietnam has sometimes offered Cuba for free over the past years while transferring farming techniques to the country of brotherhood.
15:37, 2022/37/30
Trade cooperation: Highlight of Vietnam-EU relations
Vietnam's trade relations with most European markets have experienced positive growth, not only with Germany, the Netherlands and France, but also other markets in northern, central and southern Europe.
18:58, 2022/58/29
[Inforgraphic] Hanoi's tourism revenue in 9 months
The city's tourism industry is expected to execute a busy cultural and artistic plan in the last months of 2022 to attract international visitors.
16:01, 2022/01/29
Vietnam’s 9-month GDP growth at a 12-year high
The economy is on track to surpass the Government target of 6-6.5% this year.
14:35, 2022/35/27
Vietnam among fastest growing economies in East Asia – Pacific region: WB
The GDP growth would rebound to 7.2% in 2022 and moderate to 6.7% in 2023.
16:58, 2022/58/26
Trade ministry eyes Vietnam’s exports to end 2022 on a high note
A diversified network of free trade agreements (FTAs) that Vietnam is a part of serves as a significant boost for the country's exports.