A fibre processing line of Da Lat Fibre Company Ltd., in the southern province of Lam Dong. The company's fibre products are exported to Japan. VNA/VNS Photo Nguyen Dung

The Ministry of Industry and Trade (MoIT)on Thursday confirmed that import-export turnover would surpass US$500 billion by end of this year.

Deputy Minister of Trade Do Thang Hai cited figures released by the General Department of Customs, saying: “In the first eleven months of 2019, total import-export turnover reached $472 billion, adding that at the current rate it would surpass $500 billion this year.”

Hai considered the turnover a “good result” in the context of the global slowdown, and increase from the $480 million recorded last year.

"Exports are facilitated by a strong business and investment environment. Thanks to increasing administrative reform, simplified investment procedures, and support policies for start-ups, this is the result.”

According to the MoIT, it has co-ordinated with relevant ministries and agencies to sign 16 free trade agreements (FTAs) this year.

For example, exports increased to Japan (7.6 per cent), South Korea (10.1 per cent), ASEAN (2.5 per cent), (Russia 9.1 per cent) and New Zealand (6.8 per cent).

However, Hai said it would be tough to meet the target of 7-8 per cent import-export growth in 2020.

Talking to enternews.vn, economist Tran Hoang Ngan said import-export figures showed the dominance of FDI enterprises.

“In the long term, this will be a huge problem, and the only solution is to pay more attention and create more support policies to develop private enterprises and SMEs to balance the issue,” he said.

Leading product in terms of export turnover continued to be phones and components with $48.7 billion, textiles and garments with $29.8 billion, computers, electronic products and components with $32.4 billion, machinery, equipment, tools and spare parts with $16.4 billion, and footwear at $16.4billion. — VNS