Vietnam eyes $30bn from border trade by 2020

Vietnam sets to pocket 30 billion U. S. dollars from border trade by 2020 with an average growth rate of 12.3 percent annually, according to a plan approved recently by Vietnamese prime minister. Under the plan of reviewing and adjusting the economic development of Vietnam's borders by 2020 with a vision to 2030, Vietnam may earn around 14 billion dollars from exports, with imports valued at as much as 16 billion dollars, reported the daily Vietnam News on Sunday. Border trade is forecast to reach 50 billion dollars by 2030, with approximately 22 billion dollars come from exports. According to the plan, by 2020, Vietnam will develop 26 border economic zones (EZs) with state assistance to develop in line with the national socio-economic development plan. Cross-border trade now accounts for 15 percent, 85 percent and 75 percent of the country's total import-export turnover with China, Laos and Cambodia, respectively, said the Vietnam's Ministry of Planning and Investment. To date, Vietnam's border EZs have attracted 70 foreign- invested projects with a total capital of over 700 million dollars.