Vietnam targets 6% export growth in 2023 | Economy

Hanoi (VNA) – Foreign trade turnover will reach $732 billion in 2022 for the first time, making Vietnam one of the best trading countries in the world. For 2023, the country expects a 6% increase in exports.

Foreign trade in 2022 increased by 10% compared to 2021, with a business volume of 732 billion dollars. Exports increased by 10.5% year-on-year and reached 371.5 billion dollars, and with this the Milli Majlis and the Government. 39 of the exported products have a turnover of more than 1 billion dollars, and the value of 9 has even reached more than 10 billion dollars. Manufactured products make up more than 86% of the country’s export turnover. Key industries such as electronics, textiles, leather goods and furniture have maintained strong growth, creating jobs and increasing the competitiveness of the national industry.

“In 2022, the export turnover of leather products will increase by more than 30% and will be close to 27 billion dollars. This result, exceeding the target, reflects the great effort of the sector’s professionals,” said Phan Thi Thanh Xuân, Secretary General of the Vietnam Leather Products Manufacturers Association.

In 2022, the export of agricultural products increased by 9.3% compared to 2021 and reached more than 53.2 billion dollars. The turnover of 11 products exceeded 1 billion dollars, 7 of them – wood and wood products, shrimp, coffee, rice, rubber, vegetables and nuts – even achieved a business volume of more than 3 billion dollars. Trân Thanh Nam, Deputy Minister of Agriculture and Rural Development, explains that for this result, ministries and sectors have closely coordinated to diversify markets and remove trade barriers.

“Agricultural exports reached about 54 billion dollars, and a surplus of about 10 billion dollars was created. This success is due to the effective support of business consultants abroad.”

Despite fluctuations in the global economy, the trade balance continued to be in surplus in 2022. Trân Quôc Khanh, Deputy Minister of Industry and Trade, noted that in addition to the strong growth in exports, domestic trade has also experienced an impressive rise after Covid-19.

“For the 7th year in a row, there has been a surplus in the trade balance, and this year it is estimated at 11 billion dollars… The domestic market has revived strongly. The volume of retail sales of products and services increased by 21%, i.e. 2.7 times more than predicted, and created conditions for satisfying the basic needs of the population and curbing inflation. This rebound is more important in the context of inflation hitting many countries of the world.”

For 2023, Vietnam plans to record 6% export growth and maintain a high trade surplus. Industry and Trade Minister Nguyễn Hông Diên predicted that exports will face many challenges in 2023 due to declining demand and increasingly fierce competition in the global market. Thus, local companies should better take advantage of free trade agreements to diversify markets and supply chains.

“We need to increase sales to neighboring and potential markets, but formalize and strengthen product labeling for sustainable export. In order to achieve this, we should propose the creation of new bilateral and multilateral cooperation mechanisms to the neighboring countries. It is also important to promote the role of Vietnam’s overseas trade offices. The latter support local authorities and companies so that they can take advantage of free trade agreements and succeed in their international conquest.”

Also according to Nguyễn Hông Diên, in order to achieve the export growth target of 6% in 2023, the Ministry of Industry and Trade will diversify export outlets and help local companies restore material supply. in export service. – VOV/VNA