VIETNAM LIKELY TO EARN $300B FROM EXPORTS THIS YEAR

Vietnam is exerting its utmost to achieve the target of $300 billion in export earnings this year, the Vietnam News Agency (VNA) reported.

According to the Ministry of Industry and Trade’s Import-Export Agency, Vietnam earned $202 billion from exports in the first nine months of 2020, a year-on-year rise of 4 percent. Of note, the domestic economic sector is the driver of the growth as it enjoyed a year-on-year increase rate of 19.5 percent, with $71.4 billion.

The export value is expected to surge in the fourth quarter when Vietnam brings into full play incentives of signed free trade agreements, especially the EU-Vietnam Free Trade Agreement (EVFTA) which became effective on August 1

In August, Vietnam’s export turnover to the European Union (EU) reached $3.25 billion, up 4.65 percent compared to that of July. The turnover in September also posted a 14.4 percent surge year-on-year. Deputy head of the agency Tran Thanh Hai said that during January-September, the US was Vietnam’s largest importer with a value of $54.7 billion, a year-on-year rise of 22.6 percent