Projected Export Expansion in Vietnam for 2020: 3-4% Increase

Vietnam’s exports this year could grow by 3-4 percent despite the COVID-19 pandemic, according to the Ministry of Industry and Trade.

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The Ministry reported positive growth in export activities in the first nine months of the year, despite negative growth in many other global and regional economies. This indicates a gradual recovery of local production after the impact of the pandemic.

According to the ministry’s statistics, export turnover increased by 4.1 percent during the January-September period compared to the same period last year. Imports decreased by 0.7 percent during the same period.

In the third quarter of 2020, import turnover reached $68.5 billion, a 3 percent increase compared to the same period last year and 18.5 percent increase compared to the previous quarter, indicating a recovery in production and increased import demand.

Industrial production, exports, and domestic trade for the entire year of 2020 are expected to show more positive results than previously assessed in July.

VNA