Striving for average growth rate of commodity exports and imports of 6-7%/year in Vietnam

The Prime Minister of Vietnam issued Decision 493/QD-TTg Approving the strategy for merchandise exports and imports by 2030 with the goal of speeding up the average growth rate of commodity exports and imports to 6-7%/year in the period of 2021 - 2030.

Striving for average growth rate of commodity exports and imports of 6-7%/year in Vietnam (Illustration)

According to the Decision in Vietnam, the Strategy sets the target of stable export and import growth, a healthy and reasonable trade balance, specifically:

- The average growth rate of commodity exports is expected to reach 6-7%/year in the period of 2021 - 2030, including the average export growth rate in the period of 2021 – 2025 which is expected to be 8-9%/year; the average export growth rate in the period of 2026 – 2030 which is expected to be 5-6%/year.

- The average growth rate of commodity imports is expected to reach 5-6%/year in the 2021 – 2030 period, including the average export growth rate in the period of 2021 – 2025 which is expected to be 7-8%/year; the average export growth rate in the period of 2026 – 2030 which is expected to be 4-5%/year.

- Maintain the trade balance in the period of 2021 - 2025; strive to maintain a sustainable trade surplus in the period of 2026 - 2030; look forward to a healthy and reasonable trade balance involving key trade partners.

For orientations towards merchandise exports, the Strategy in Vietnam also clearly states the general direction is to:

- Develop the export subsector in a sustainable manner, bring into full play its competitive advantages, shift to a rational in-depth growth model, effectively use resources, protect the ecological environment and successfully address social issues and problems.

- Promote the shift to the in-depth structure of exported goods, accelerate industrialization and modernization; increase the proportion of products with high added value, science – technology and innovation content; products of the green and circular economy; eco-friendly products for export.

- Merchandise exports in the agriculture, forestry and aquaculture industry: Increase the proportion of products created by deep processing systems and of high economic value; improve the ability to meet quality, food hygiene and safety regulations, standards and corporate social and environmental responsibility criteria; proactively adapt to and overcome trade barriers and trade remedies in overseas markets.

- Merchandise exports in the processing and manufacturing industry: Increase the domestic content of exported goods, reduce dependence on imported raw materials, spare parts and components; increase the proportion of products in the medium- and high-tech industry; rapidly increase the proportion of exported products with high technology and innovation content.

- Discourage the development of production and export of resource-intensive and environment-polluting products; make more investment in developing export of green and eco-friendly products.

See details in Decision 493/QD-TTg dated April 19, 2022, Vietnam.

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