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Vietnam expects to raise exports to USD 340 million by 2025

16:26 | 18/08/2020

Vietnam targets to raise export revenue to USD 340 billion by 2020, as per a report on socio-economic development for the 2021-2025 period compiled by the Ministry of Industry and Trade (MOIT).

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vietnam expects to raise exports to usd 340 million by 2025
(Photo: Hanoi Moi)

With such a target, exports should grow by an annual average of 5%, according to VOV. The Ministry of Industry and Trade expects Vietnamese exports to the European and American markets to expand by 7-10% per year.

In 2025, Vietnam is also expected to import USD 330 billion worth of goods, with import growth averaging at 4.9% annually over the next five years.

Domestic trade is expected to contribute 13.5% to GDP in 2025, with annual average growth at about 13.5%. The Ministry of Industry and Trade targets to earn revenue from retail sales and consumer services grow by 9-9.5% per year.

The socio-economic development plan 2021-2025 sets out many new development goals, of which for industrial development, striving to reach over 35% of the industrial share in GDP by 2025. The growth rate of industrial value added averaged over 7.5%/year, of which the processing and manufacturing industry averaged over 10%/year.

vietnam expects to raise exports to usd 340 million by 2025
(Photo: CafeF)

A number of specialized industrial clusters have been formed in a number of industries such as textiles, thick leather, electronics, and food processing.

In terms of export and import, the target is to grow merchandise exports at an average rate of 5% per year, and export turnover to about USD 340 billion by 2025. The export growth rate of domestic enterprises increased by 5%. Particularly, exports to the European and American markets have an average growth of 7-10%/year.

The average growth rate of merchandise imports in the 2021-2025 period will increase by 4.9%/year, import turnover will reach about USD 330 billion by 2025, reported by Investment News.

The proportion of retail sales through modern forms of commerce is expected to reach 35-40% by 2025, while the amount of small and medium businesses involved in e-commerce is targeted at 45%. In the next five years, the proportion of industrial production of gross domestic product is expected at 35%.

The Ministry of Industry and Trade targets to have annual industrial output growth averaging at 7.5%, within which manufacturing will expand by over 10% per year.

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