Export and import results according to the Strategy on exports and imports for 2011-2020

Import and export activities in the period from the beginning of 2016 to the third quarter of 2020 achieved positive and encouraging results such as high and continuous growth of export; high efficient work of developing and expanding export markets, diversifying export products, controlling import and surplus restraint.

According to the Ministry of Industry and Trade, up to the end of 2019, the goals set out in the Strategy on exports and imports for 2011-2020, with visions to 2030 (hereinafter referred to as strategy) were basically achieved, namely:

- Export growth exceeded the plan.

Export growth in the period 2015-2019 averaged 12% per year, higher than the target of 10% set by the 12th National Congress.

In 2020, in the context that the world economy was heavily influenced by Covid-19, the export of other countries in region all decreased compared to the previous year, but our country's export still achieved a positive growth rate. Export turnover in the first nine months of the year reached 202.4 billion USD, up 4% as compared to the same period in 2019.

- Import was controlled, the average growth rate of import turnover was lower than that of export turnover.

Import turnover had an average growth rate in the 2015-2019 period at 11.2% per year. Thus, the average annual growth rate of import turnover in this period was lower than the average growth rate of export turnover (13%), reaching the target set out by the Strategy.

- Trade balance was in surplus for the whole period with the export surplus of the following year was higher than the previous year.

The strategy has identified the target of gradually reducing the trade deficit, controlling the import surplus of about 10% of export turnover by 2015 and advancing on the balance of the trade by 2020. In fact, from 2016 to now, the trade balance always reached a surplus with the increase in export surplus over the years, respectively 1.77 billion USD (2016), 2.11 billion USD (2017), 6.83 billion USD (2018), respectively. ), 10.87 billion USD (in 2019). In the first 9 months of 2020, the export surplus reached 16.5 billion USD.

- The export structure changed positively.

The structure of exports shifted positively. The group of processed industrial goods in the first 9 months of 2020 accounted for 84.8% of the total export turnover, higher than which is 78.9% in 2015; the group of fuels and minerals only accounted for about 1.1% of the country's total export turnover.

The number of items with export turnover of $ 1 billion or more had increased over the years. In 2019, there were 31 items reaching export turnover of over 1 billion USD.

- The target of exports per capita was achieved.

The exports per capita in 2019 was about 2,740 USD per person, which was 2.5 times as much as that in 2011. The target of exports per capita reached over 2000 USD according to the strategy achieved from 2017.

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