Vietnam eyes $30 B from border trade by 2020

HANOI (Xinhua) - Vietnam sets to pocket $30 billion 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 from exports, with imports valued at as much as 1$6 billion, reported the daily Vietnam News on Sunday.

Border trade is forecast to reach $50 billio by 2030, with approximately $22 billio 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.