The country's trade with the rest of the world is projected to reach US$683 billion this year, in which export and import turnover is estimated at US$354.5 billion and 328.5 billion, respectively, thanks to recovery in its major and traditional export markets.

Despite the fall in global aggregate demand, Viet Nam managed to surmount difficulties to reduce export decline from 12 percent in the first half of the year to about 4.6 percent for the entire year.

Although the trade surplus hit a record high of US$26 billion, it was mainly because of a sharp decrease in imports compared to exports.

The ministry sets major targets for 2024, including industrial production expansion of 7-8 percent, export turnover growth  of 6 percent, trade surplus of US$15 billion, total retail sales of consumer goods and services growth of 9 percent.