The value of Vietnam’s exports of goods hit US$82.94 billion between January and April 2020, rising by 4.7 percent compared to the first four months of 2019, the General Statistics Office of the ASEAN nation said in early May.
The United States was Vietnam’s largest export market for goods between January and April this year, as per the official statistics. The value of Vietnam’s exports to the United States increased by 13.4 percent year on year to a total of US$20.3 billion. The second biggest export market for Vietnam was China, where Vietnam’s exports jumped by 26.7 percent to US$13.1 billion in January to April 2020 compared to the same period last year. The European Union (EU) was the third largest export market for Vietnam, but exports there dropped by 8.1 percent to US$10.7 billion.
In total trade, Vietnam reported an estimated US$3 billion trade surplus for the first four months of 2020, according to the General Statistics Office.
In April 2020, Vietnam’s government said the country targets to have its gross domestic product (GDP) rise by an annual average rate of 7 percent between 2021 and 2025, despite the current global economic challenges amid the COVID-19 pandemic.
Vietnam’s Government will work to promote comprehensive digital transformation, develop a digital economy, and form Vietnamese digital enterprises with global competitiveness. The ASEAN nation also aims to improve its environment for doing business and promote start-ups and innovation. Vietnam will be looking to expand its export and import markets and diversify its trade in goods.