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VietNamNews

VN strives for $30b border trade by 2020

Update: September, 14/2013 - 09:29
A truck carries goods from Laos to Viet Nam through the Lao Bao International Border Gate in the central province of Quangr Tri. — VNA/VNS Photo Ho Cau

HA NOI (VNS)— Viet Nam aims to record US$30 billion from border trade by 2020, according to a development plan approved recently by the Prime Minister.

Under the plan, the country may fetch as much as $14 billion in export earnings, with imports valued at as much as $16 billion.

By 2030, border trade is forecast to reach $50 billion. Approximately $22 billion will come from exports.

A number of selected border economic zones (EZs) will be provided with State assistance to develop in line with the nation's five-year socio-economic development plan.

The country is now home to 28 border EZs, which span a total area of 600,000ha.

These zones have experienced strong growth in the past few years, achieving a trade value of $5.44 billion in 2010, according to the Ministry of Planning and Investment.

Cross-border trade now accounts for 15 per cent, 85 per cent and 75 per cent of the country's total import-export turnover with China, Laos and Cambodia, respectively.

Despite changes in some neighbouring countries' border trading policies, border trade has still increased remarkably and contributes significant amounts to the State budget, said Minister Bui Quang Vinh.

To date, Viet Nam's border EZs have attracted 70 foreign-invested projects totally capitalised at over $700 million. — VNS


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