Update: 15:08 | 14/08/2020
Vietnam is aiming to increase its exports revenue to US$340 billion by 2020, as per a report on socio-economic development for the 2021-2025 period compiled by the Ministry of Industry and Trade (MOIT).
With such a target, exports should grow by an annual average of 5%.
The MOIT expects Vietnamese exports to the European and American markets to expand by 7-10% per year.
Exports are expected to grow by an annual average of 5% during the 2021-2025 period.
In 2025 Vietnam is also expected to import US$330 billion worth of goods, with import growth averaging at 4.9% annually over the next five years.
Domestic trade is expected to contribute 13.5% to GDP in 2025, with annual average growth at about 13.5%. The MOIT aims to have revenue from retail sales and consumer services grow by 9-9.5% per year.
The proportion of retail sales through modern forms of commerce is expected to reach 35-40% by 2025, while the amount of small and medium businesses involved in e-commerce is targeted at 45%.
In the next five years, the proportion of industrial production to gross domestic product is expected at 35%.
The MOIT aims to have annual industrial output growth averaging at 7.5%, within which manufacturing will expand by over 10% per year.