Exports- highlight of Vietnamese economy amidst COVID-19

According to Deputy Minister of Industry and Trade Do Thang Hai, in the first 11 months of 2020, Vietnam hit a record trade surplus of 20.1 billion USD. Amidst the COVID-19 pandemic, exports have turned out a highlight and key foundation for the country’s economy to start a new year.
December 17, 2020 | 17:19
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On December 16, the Ministry of Industry and Trade held the Vietnam Export Promotion Forum in 2020 with the theme "Trade promotion for sustainable export development in the context of implementing EVFTA, CPTPP and other new-generation free trade agreements", Baotintuc reported.

Speaking at the forum, Deputy Minister of Industry and Trade Do Thang Hai said that due to the COVID-19 pandemic, 2020 is a difficult year for all economic sectors, including exports in general and export promotion in particular. However, it can be said that Vietnam's export activities have still achieved remarkable results.

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Amidst the COVID-19 pandemic, exports have turned out a highlight and a key foundation for the country’s economy to start a new year. Photo: VNA

Accordingly, in the first 11 months of 2020, Vietnam reported a record trade surplus of 20.1 billion USD. Total export and import turnover in 11 months were estimated at 489.1 billion USD, representing a year-on-year rise of 3.5%. The export value reached 254.6 billion USD, up 5.3 percent and import value stood at 234.5 billion USD, up 1.5 percent. In the first 11 months of the year, there were 31 products posting an export turnover of over 1 billion USD, accounting for 92% of the total export turnover.

“It is estimated that by 2020, the export turnover will reach about 267 billion USD, up 1%; the import turnover reached about 260 billion USD, up about 2.6% over the previous year; the trade surplus will be at 7 billion USD. Amidst the COVID-19 pandemic, exports have turned out a highlight and a key foundation for the country’s economy to start a new year”, Deputy Minister Hai asserted.

Despite achieving positive results, there are still many limitations in trade promotion for sustainable export development which prevent Vietnamese enterprises from building their brand and foothold in the market.

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Illustrative photo: VNA

General Director of the Trade Promotion Department under the Ministry of Industry and Trade Vu Ba Phu said that with the scale of import and export turnover of more than 500 billion USD, export promotion activities should be more commensurate with the export value of the country in the market.

"State budget resources for trade promotion are distributed across the central, local, and ministerial levels, so many activities are overlapping. Information technology application and communication marketing in accordance with the new and modern trends are still limited ", Phu said.

In the time ahead, the Ministry of Industry and Trade will support export enterprises to proactively respond to the COVID-19 epidemic, enhance their brands; promote the application of information technology as well as develop e-commerce.

Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP) To Tuong Lan said that the association has changed its marketing method from business-to-business to business-to-consumer. The program has been carried out in many markets such as the UK, Spain, the Netherlands, Germany, Belgium, Italy, etc through connectivity tools like websites, Google, Facebook, Pinterest, Instagram, and YouTube.

Within just three months, the website has attracted more than 14,000 visits.

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