2020 trade surplus estimated at 7 billion USD

17/12/2020, 10:31

Export revenue in 2020 is estimated to reach 267 billion USD while imports are to reach 260 billion USD, resulting in a trade surplus of some 7 billion USD, according to Deputy Minister of Industry and Trade Do Thang Hai.

Illustrative photo (Source: VNA)

Amid the impact of COVID-19, exports still rose 1 percent and were a bright spot and key foundation for the country’s economy to start the new year, Hai told a forum in Hanoi on December 16 to sketch out trade promotion orientations over the next five years.

He underlined that 2020 has been a tough year for all economic sectors, but foreign trade has been profitable.

The trade surplus in the first 11 months of this year was a record 20.1 billion USD, while total export-import revenue hit 489.1 billion USD, up 3.5 percent year-on-year, with export revenue rising 5.3 percent to 254.6 billion USD.

Notably, 31 products posted exports of over 1 billion USD, accounting for 92 percent of total revenue, Hai said.

He expressed his hope that forum participants would contribute ideas on how to expand trade promotions in each sector in a sustainable manner, as well as mid- and long-term measures to increase exports. International trade organisations are also expected to share their experience and provide information on market developments in the present and the future.

To Tuong Lan, Vice President of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the association has changed its marketing method from business-to-business to business-to-consumer, optimising connectivity tools such as websites, Google, Facebook, Pinterest, Instagram, and YouTube.

Its website attracted 14,000 visits in just three months, she said.

Meanwhile, Nguyen Chanh Phuong, Vice President and General Secretary of the Handicraft and Wood Industry Association of Ho Chi Minh City, said the wood sector aims for 20 billion USD in revenue this year, which will depend on three factors: materials, production, and exports.

The association is therefore working on securing certificates in sustainable forestry development to ensure the supply of materials, he said.

Vu Ba Phu, head of the Trade Promotion Agency at the Ministry of Industry and Trade, said that with trade of over 500 billion USD, trade promotions should be strengthened by optimising spending and applying information technology.

Amid a boom in e-commerce due to COVID-19, the ministry will support businesses to apply IT and develop e-commerce activities, he added.

Source: VNA


Related articles

(0) Comments
Focus
Unbelievable Victory
BTO - The 2025 UEFA Champions League final featured a clash between France's Paris Saint-Germain (PSG) and Italy's Inter Milan. It was the first time the two sides had ever met in an official Champions League fixture. What unfolded was an enthralling match, albeit a one-sided one. PSG pulled off a *stunning* 5-0 victory over Inter Milan in what many are calling an "unbelievable" triumph.
Do not miss
  • FA Cup Miracle: Crystal Palace Stun Man City at Wembley
    19 yesterday Sports
    BTO-On the morning of May 18, 2025, the most anticipated clash of the English football weekend unfolded at Wembley: the FA Cup Final — the oldest football competition in the world — between Crystal Palace and Manchester City. Despite...
  • The Return of a Legend
    29 yesterday Sports
    BTO-More than ten years since his departure, Xabi Alonso is set to return to the Santiago Bernabéu—this time as the head coach of the Royal Club. A former standout in Real Madrid’s illustrious history, Alonso now has the opportunity...
  • Vesak 2025 Grand Celebration: Spreading the Noble Values of Buddhism
    29 yesterday Culture
    As summer returns and lotuses bloom under the full moon of the fourth lunar month, Buddhists around the world joyfully celebrate the birth of Prince Siddhartha Gautama. In Bình Thuận and across Vietnam, temples, monasteries, and lay...
  • When the Guns Went Silent: Arsenal Stumbles vs. PSG
    one month ago Sports
    BTO-Arsenal and PSG, both chasing their first-ever Champions League title, were set for a historic breakthrough this season. But Arsenal’s hopes took a major hit with a 0-1 home loss to PSG in the first leg of the semifinals, leaving...
  • "El Pulga" Alone Can’t Secure Glory
    one month ago Sports
    Lionel Messi is currently playing for Inter Miami in Major League Soccer (MLS). With his exceptional talent, "El Pulga" has played a vital role in turning the young club into a rising power. However, Messi alone cannot carry an Inter...
  • Falling at the "Gates of Heaven
    one month ago Sports
    BTO-Carlos Alcaraz displayed remarkable form and composure throughout the 2025 Barcelona Open. The Spanish star made his way to the final without dropping a single set. However, at the final hurdle, the "Mini Nadal" stumbled at the...
  • Colorful Áo Dài and Folk Dance Showcase Marks 50 Years of Liberation
    one month ago Culture
    BTO – On the morning of April 26, the Bình Thuận Provincial Women's Union organized a mass Áo Dài and folk dance performance at Nguyễn Tất Thành Square in Phan Thiết City, featuring the participation of 600 female officials, members,...
  • Farewell to the “Bavarian Giants”
    one month ago Sports
    BTO-After a courageous 2-1 victory in the first leg of the Champions League quarterfinals, Inter Milan returned home to host Bayern Munich in the second leg. Though a one-goal lead was far from secure, the Italian side left no room...
  • No Miracle at Signal Iduna Park
    one month ago Sports
    BTO-Barcelona has a reputation for collapsing under pressure, having twice squandered significant first-leg advantages in the Champions League knockout stages. That gave Dortmund hope for a dramatic comeback at Signal Iduna Park in...
  • Phan Thiết – The 50-Year Journey: From Liberation to a Dynamic, Modern Coastal City
    one month ago Business
    April 19, 1975 – April 19, 2025: A proud 50-year milestone since the liberation of Phan Thiết. Half a century may not be long in the grand flow of history, but for Phan Thiết—a land once scarred by war—it marks a powerful transformation....
  • Red Devils Hold Off Blue Tide in Manchester Derby Stalemate
    one month ago Sports
    BTO-On the night of April 6, a classic Manchester derby unfolded at Old Trafford in Matchweek 31 of the Premier League, where Manchester United and Manchester City clashed in a high-stakes encounter. Despite having little left to fight...
  • Nou Camp Nightmare: Dortmund Swept Aside by Ruthless Barca
    one month ago Sports
    BTO-Barcelona put on a dominant display in the UEFA Champions League quarterfinal first leg, thrashing Borussia Dortmund 4-0 in a one-sided encounter at the Nou Camp. The Catalan giants delighted their home crowd with a goal-fest, featuring...
  • Liverpool Bounces Back with Vital Victory Over Everton, Keeping Arsenal at Bay
    2 month ago Sports
    BTO-After consecutive failures in the FA Cup, Champions League, and League Cup, the morale of Arne Slot's squad has been declining. Facing pressure following Arsenal's victory in the early match the day before, Liverpool was compelled...
  • The Beauty of Hòn Cau Island
    2 month ago LANDSCAPES
    March signals the perfect time for a visit to Hòn Cau Island (Phước Thể, Tuy Phong) as the weather transitions and the golden sunlight bathes the island. Located about 110 km from Phan Thiết, Cù Lao Câu is a pristine, uninhabited island...
  • The Final Goal
    2 month ago Sports
    BTO-Manchester City now only has one goal left: winning the FA Cup to salvage what has been a “disastrous” season. As a result, Coach Pep Guardiola and his players have put all their energy into the world’s oldest football tournament....
  • Regaining the Top Spot
    2 month ago Sports
    Playing a day before their arch-rivals Barcelona, Real Madrid took full advantage of the opportunity to reclaim the top spot in La Liga with a comfortable 2-1 victory over Villarreal, thanks to a brace from Mbappe.
  • A Hard-Fought Victory
    2 month ago Sports
    BTO-On the evening of March 19, the Vietnam national team played their first international match since winning the AFF Cup 2024, hosting Cambodia in a friendly at Gò Đậu Stadium (Bình Dương). Given their superior standing, a victory...
  • Farewell to the "King of Cups"
    2 month ago Sports
    BTO-After suffering a 1-0 home defeat in the first leg of the Champions League Round of 16, the French football powerhouse PSG was under immense pressure to win the return leg away at Liverpool. And they did just that, securing a place...
  • Surrendering the Title
    2 month ago Sports
    BTO- The highlight of Premier League Matchweek 28 was the showdown between Manchester United and Arsenal at Old Trafford. Arsenal desperately needed a victory to keep up with Liverpool, but they could only manage a draw, while the league...
  • Even Djokovic Can’t Defy Time
    2 month ago Sports
    BTO-Novak Djokovic has just suffered a defeat against Botic Van De Zandschulp in the second round of  Indian Wells 2025, marking the first time in seven years that he has lost three consecutive matches. At 37 years old, Djokovic is...
POWERED BY ONECMS - A PRODUCT OF NEKO
2020 trade surplus estimated at 7 billion USD