Vietnam’s export status

International Business News – According to statistics from the General Administration of Vietnam Customs, from the beginning of this year to August 15, Vietnam’s total import and export volume reached 464.13 billion US dollars, with a trade surplus of 1.39 billion US dollars. Exports reached $15.13 billion in the first half of August this year, down about 7 percent from the second half of July 2022.

The representative of Vietnam’s Ministry of Industry and Trade said that Vietnam’s trade surplus of more than US$1 billion has contributed positively to the balance of payments, exchange rate stability and other macroeconomic indicators.

Based on the export results, the Ministry of Industry and Trade of Vietnam predicts that the total export value this year will reach about 368 billion US dollars, an increase of 9.46% over 2021, which is higher than the plans formulated by the Vietnamese government and the Ministry of Industry and Trade (8% and 8.1% respectively), and the import value will reach 3,670 million US dollars. 100 million US dollars, the trade surplus reached 1 billion US dollars, and the established plan was completed.

Recently, the Ministry of Industry and Trade of Vietnam submitted an evaluation report on the implementation of the 2022 plan and the plan for 2023 to the Ministry of Planning and Investment, showing that in recent years, companies have made full use of various free trade agreements to increase export efforts.

In the remaining months of 2022, according to the import and export cycle of goods and the increasingly comprehensive and effective implementation of the new generation of free trade agreements, it is expected that the demand for Vietnam’s export goods will continue to increase and export activities will continue to improve.

The report pointed out that in 2023, Vietnam’s industry and trade department set a target of increasing the export value by 8% compared with 2022, maintaining a trade surplus.

At the same time, the Ministry of Industry and Trade of Vietnam continued to closely monitor the situation of the COVID-19 epidemic and changes in trade policies of various countries and partners, providing advice for the government to introduce timely measures to deal with unfavorable factors.

In addition, the Ministry of Industry and Trade of Vietnam is also striving to implement the new generation of free trade agreements, helping enterprises to grasp the content of these agreements, so as to make full use of the preferential policies and opportunities of the agreement.

In particular, continue to hold trade promotion activities online to boost supply and demand at home and abroad, strengthen national-level trade promotion activities, assist enterprises in exporting agricultural products, increase sales of agricultural products, simplify administrative procedures, follow the “national one-door” mechanism and “” The ASEAN One-Stop” mechanism handles administrative formalities in the field of import and export, supports the development of domestic enterprises, and reduces reliance on the foreign direct investment sector in production and exports.

In addition, it is predicted that policies and trading practices in domestic and foreign commodity markets and other markets will help companies improve their competitiveness and effectively enter other markets.

Currently, the Ministry of Industry and Trade of Vietnam is formulating a strategy for the import and export of goods to 2030 and submitting it to the Prime Minister for approval.