Export plan looks to wipe out trade deficit by 2020

15:19 | 09/02/2015

VGP – Viet Nam targets average export growth of 11-12% a year until 2020 and gradual reduction of imports to wipe out the trade deficit by then and achieve a surplus by 2030, according to its overseas market development plan.

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Asia will account for 46% of the exports, the EU for 20%, the America for 25%, Oceania for 4% and Africa for 5%.

Viet Nam would strengthen trade promotion in ASEAN to ensure exports to the bloc increase by 10% a year on average to at least US$31 billion by 2020.

Besides, efforts would be made to boost exports to other Asian markets like the Republic of Korea, Japan, and China.

The economic recovery in the EU along with the upcoming free trade agreement with it would open up opportunities for Vietnamese exporters.

Exports to the EU are expected to rise by 15% a year to US$58 billion by 2020.

The country will also try to increase exports to the US and Canada by 15% a year and strengthen trade promotion to boost exports to countries in Africa, Latin America, and Oceania.

The plan also contains measures to achieve the targets, including strengthening of international co-operation and communication to help businesses understand and capitalize on the opportunities brought by the FTA.

Viet Nam will strive to improve the quality of its export items and boost exports of processed goods with high value-addition and key agricultural products like rice, foodstuff, coffee, rubber, and seafood and reduce exports of crude oil and coal.

The nation has trade relations with over 200 countries and territories.-VNA