Existing markets to be strengthened and new markets accessed as part of plans to put trade into continual surplus.
Vietnam targets exporting $300 billion worth of goods by 2020 at an annual growth rate of 11 to 12 per cent, according to a plan to develop exports from 2015 to 2020 approved by Prime Minister Nguyen Tan Dung. The country will also attempt to balance its trade by 2020 and subsequently record a continual trade surplus.
It will boost and expand its market share in ASEAN, Northeast Asia (Japan, South Korea, and China), Australia, the US, the EU, India, and Eastern Europe. Market diversification is also a pillar of the plan, with products to be exported to new markets such as Africa, Latin America, and the Middle East.
Reducing a dependence on core export markets was identified as this reduces the risk from economic and political changes. Free trade agreements are expected to improve Vietnam’s exports and attract foreign investment to bolster competitive capacity.
Solutions to support enterprises to attend trade promotions in export markets to build brand names are also emphasized. Export products in the National Branding Program will also be prioritized to penetrate into foreign markets.