 The Ministry of Industry and Trade reviews its performance in 2020 and sets out tasks for 2021 |
Vietnam is taking resolute, coordinated steps to restore and develop an economy which has been hurt by the COVID-19 pandemic.
Major achievements in 2020
The Prime Minister says exports, domestic sales, and investment contributed greatly to Vietnam’s economy in 2020. Exports expanded 6.5% to make Vietnam one of the countries enjoying the highest export growth in the world amid COVID-19. Vietnam’s export structure has been adjusted to reduce crude oil exports and increase the export of processed products. 31 items earned more than 1 billion USD each. 9 of them fetched more than 5 billion USD and 6 earned more than 10 billion USD. For the fifth consecutive year, Vietnam had a trade surplus, which this year hit a record 19.1 billion USD.
 Minister of Industry and Trade Tran Tuan Anh |
Minister of Industry and Trade Tran Tuan Anh said. "We are happy to have seen positive growth and to have recorded a trade surplus of 19.1 billion USD. This was an impressive figure. We expanded our export markets, particularly those under free trade agreements. The CPTPP has created new opportunities for sustainable growth.'
The domestic market has a great potential of nearly 100 million people and growing income per capita. Vietnam’s retail sales and services generated more than 218 billion USD last year, up 2.6% from 2019. Retail sales topped the list, followed by accommodation, dining, and other services. Social investment totaled more than 93 billion USD last year, up 5.7% from 2019.
Exports, domestic sales, and investment to grow in 2021
The government has set this year’s economic growth target designed to sustain macro-stability, motivate job creation and income growth, support social security policies, and close development gaps.
Prime Minister Nguyen Xuan Phuc said, 'The government has set a growth target of 6.5% based on the firm foundation of exports, domestic sales, and investment. We need to continue our strong efforts to achieve our goals.'
The Prime Minister stressed the need for a sustainable energy supply to support future national socio-economic development, mobilization of non-state economic sectors, exploitation of opportunities created by free trade agreements, and strong measures to balance supply and demand, connect production with distribution, consolidate links within value chains, and focus more on agricultural products.
Mr. Phuc said the government will improve institutions and policies to upgrade infrastructure, particularly in logistics, and expand human resource training to ensure a stronger and more developed Vietnam.