GDP grows by 300% thanks to active economic integration, trade minister says
VGP – Viet Nam’s GDP and trade volume have grown by 300% and 350%, respectively, thanks to the country’s active interantional economic integration, official said.
The figures were released by Minister of Trade and Industry Tran Tuan Anh at a working session with the National Assembly Standing Committee’s delegation on enforcement of free trade agreements (FTAs) on Wednesday.
He went on to say the signed FTAs have helped expand and diversify export and import markets, advance the development of financial service market with the participation of foreign investors.
Especially, Viet Nam’s trade volume with the rest of the world set new record high of over US$500 billion in 2019 despite global economic slowdown and trade tensions between major economies, Anh stressed.
In the first eight months this year, amid complicated and swift evolution of the COVID-19 pandemic, total trade value was estimated at US$ 337.23 billion, equivalent to that of the same period last year, in which export turnover increased by 2.3% to US$ 175.36 billion while import turnover decreased by 2.4% to US$ 161.87 billion.
Viet Nam officially became a member of the World Trade Organization in January 2007 and has been a signatory of 13 FTAs, including new-generation deals like the CPTPP and EVFTA. In addition, the country is joining negotiation processes for other three trade deals.
The FTA network has embraced nearly 100 partners in Northeast Asia, Southeast Asia, Western and Eastern Europe, the Americas, and Asia Pacific.
Currently, investors from 130 countries and territories are investing in Viet Nam, including leading investment partners with whom the country has FTAs, such as the Republic of Korea, Japan, and Singapore.
As of July 20, the Republic of Korea was Viet Nam’s biggest foreign investor, with total registered capital of US$64.6 billion, followed by Japan US$58.1 billion, and Singapore US$49.17 billion.
Beyond economic benefits, the FTA commitments have helped Viet Nam build up an increasingly transparent and open investment climate in line with international practices, creating long-term confidence for foreign investors and firms.
By Kim Anh