Prime Minister Nguyen Xuan Phuc asked the industry and trade sector to strive for export turnover of $300 billion next year during a conference in Hanoi on December 27, according to a report from the Vietnam News Agency.

The State-run news agency quoted the Prime Minister as lauding the sector for its record export-import value this year, which contributed to economic growth of 7.02 per cent.

Industry and services accounted for 80 per cent of GDP and 70 per cent of State budget contributions, he said, adding that Vietnam became the 22nd largest exporter globally with export growth quadrupling the global average.

Export-import value hit a record $517 billion this year, with a trade surplus of nearly $10 billion. Exports by domestic firms reached $82 billion, or nearly one-third of the country’s total.

According to the Prime Minister, manufacturing and processing, electricity, chemicals, and oil and gas have significantly contributed to the industry sector.

He assigned the Ministry of Industry and Trade to closely follow the Politburo’s Resolution No. 23 on orientations towards building a national industry development policy to 2030 and vision to 2045. The creation of mechanisms and policies for spearhead industries is a pressing matter.

The ministry was also tasked with developing the processing industry based on innovation as a foundation for greater competitiveness.

As Vietnam has become party to a number of new-generation free trade agreements (FTAs), the Prime Minister directed that all possible support be provided to export-imports and relevant policies adjusted for each period.

He directed the sector to target 12 per cent growth in manufacturing and processing, with a trade surplus accounting for 2 per cent of GDP, and 12 per cent growth in total retail and services.

To reach such targets, the Prime Minister proposed tapping into markets that Vietnam has signed FTAs with, especially those in the EU and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The sector was also urged to deliver on international commitments and deal with loss-making projects.

On this occasion, the ministry also launched procedures to issue online certificates of origin.