Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (qdnd.vn)

The Ministry of Industry and Trade says export revenue has rebounded strongly, with exports to major markets like the US, the EU, and Japan reaching double digits.

Businesses have been active

Vietnamese businesses took advantage of market opportunities once the COVID-19 epidemic was under control and the demand for essential goods worldwide increased again. Vietnam’s export surplus in the first 8 months of 2022 is a very positive result compared to other countries.

The textile and garment industry had a trade surplus of 12 billion USD, while some countries are still applying strict epidemic preventive measures that affect the supply chain of materials and consumption.

Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association, said: “In the remainder of the year, facing market challenges and high costs of input materials, Vietnamese textile and garment businesses aim to maintain growth rate, workers, market shares, and customers. Businesses will minimize the increase of costs that affect profitability. We must make a profit to pay workers’ salaries and bonuses. Only then will we have the momentum to realize next year’s targets.”

“We’re trying to reach our export target of 23 to 25 billion USD. To compete we need to increase the value of our products. We intend to make good use of FTAs to import high-value materials, new technology, and advanced equipment, so we can produce high-end products. We are aiming for sustainable production and clean green technologies, so it’s important to exploit the potential of foreign markets to serve technological innovation,” said Ms. Xuan.

Deputy Minister of Industry and Trade Tran Quoc Khanh (photo: baochinhphu.vn)

Access information, promote exports

Deputy Minister of Industry and Trade Tran Quoc Khanh says global trade requires closer and more effective coordination between overseas Vietnamese Trade offices and ministries, sectors, localities, associations, and enterprises.

The Ministry will help businesses access market information, promote exports, and take advantage of FTA commitments.

“Agricultural products, textiles, and footwear are all key export items of Vietnam. These items are all subject to market requirements. In the face of declining demand in some markets, our task is to try to fully exploit all markets at the same time and relieve bottlenecks in the supply chain. If we can address these issues, we hope to maintain the current export growth rate in the remaining months of the year,” Khanh said.

The Ministry of Industry and Trade will continue to help businesses complete administrative procedures such as tax refunds, customs clearance, and certificates of origin. The Ministry will help businesses find alternative sources of supply to ensure input materials for production at reasonable costs.

If the growth rate of the last 8 months is sustained, Vietnam’s export revenue this year could reach 740 billion USD.