Trade to surpass $730B for first time
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Vietnam’s trade is expected to reach US$732 billion this year, the highest ever, increasing 10% against last year, the Ministry of Industry and Trade said.
Exports are estimated at $371.5 billion, up 10.5% against 2021, and imports at $360.5 billion, up 8.5%, resulting in a trade surplus of $11 billion, the ministry announced at a foreign trade review meeting Monday.
The country has gained a trade surplus for seven straight years.
Among exports, there 39 items accounted for a turnover of over $1 billion, compared to 35 items against last year. Nine items recorded a turnover of over $10 billion.
Processed and industrial products accounted for more than 86% of total export turnovers.
Vietnam exported less raw products, while shipping more processed and industrial goods, creating favorable conditions for local products to penetrate more deeply into global production and supply chains, said Deputy Minister of Industry and Trade Tran Quoc Khanh.
Some 74% of the total export turnovers in Vietnam came from foreign-invested enterprises. Exports from domestic enterprises, especially small- and medium-sized ones, remained modest.
Vietnam has targeted a rise of some 6% in foreign trade as well as a trade surplus in 2023, he said.
Deputy Minister of Foreign Affairs Nguyen Minh Vu said that in 2023 many economies around the world experience high inflation, and the world economy would likel have a technical recession, leading to a decrease in global purchasing power. Meanwhile, trading partners will be more demanding, and may adjust regulations related to carbon emissions reductions, and tighten import requirements.
In 2021, the World Trade Organization had ranked Vietnam 23rd in terms of exports and 20th in imports. In the 10-member ASEAN, Vietnam ranked second behind only Singapore.
Questions & Answers
Q.What is the expected growth percentage for Vietnam's overall trade this year?
What is the expected growth percentage for Vietnam's overall trade this year?
Vietnam's total trade is expected to increase by 10% this year compared to last year. This would bring the total value to an estimated US$732 billion, the highest ever recorded for the country.
Q.Which type of enterprises contribute most significantly to Vietnam's export turnover?
Which type of enterprises contribute most significantly to Vietnam's export turnover?
Foreign-invested enterprises are responsible for a substantial 74% of Vietnam's total export turnover. Exports from domestic companies, especially smaller ones, remain comparatively modest.
Q.What are the government's foreign trade targets for the upcoming year, 2023?
What are the government's foreign trade targets for the upcoming year, 2023?
For 2023, Vietnam aims for a foreign trade increase of approximately 6%. The country also intends to maintain a trade surplus, continuing a trend of recent years despite global economic challenges.
Q.How many export items reached significant turnover thresholds this year?
How many export items reached significant turnover thresholds this year?
This year, 39 export items each generated over $1 billion in turnover, an increase from 35 items last year. Also, nine of these items individually surpassed $10 billion in turnover.