|Vietnam has enjoyed a trade surplus for the seventh consecutive year in 2022, generating more than 11 billion USD.
Of the total trade turnover, 371.5 billion USD is revenue from exports, up 10.5%, exceeding the target of 8% set by the National Assembly and the Government.
This year, 39 commodities reported turnover of more than 1 billion USD, with nine surpassing the 10-billion-USD mark. The processing industry accounted for more than 86% of the total export revenue.
Key industries, including electronics, textiles, leather, footwear, and furniture, posted high growth rates, which resulted in the sector’s growth, job creation, and improvement in Vietnam's industry competitiveness ranking.
|Phan Thi Thanh Xuan, Secretary General of the Vietnam Leather, Footwear and Handbag Association (Photo: daibieunhandan.vn)
Phan Thi Thanh Xuan, Secretary General of the Vietnam Leather, Footwear and Handbag Association, said last year the industry earned about 27 billion USD from exports, with a growth of 30%.
“This achievement by the sector exceeded the plan and reflected a great effort by Vietnamese enterprises,” said Xuan.
Agricultural exports totaled 53.2 billion USD, 9.3% more than last year. 11 groups of products had an export turnover of more than 1 billion USD and 7 product groups had a turnover of more than 3 billion USD, thanks to the coordination of ministries and sectors in market expansion and removal of trade barriers.
Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said that the sector contributed more than 3% to the increase in total added value of the whole economy in 2022, with an export turnover of nearly 54 billion USD.
“This means it created a surplus value of 10 billion USD. That great success is partly due to the help of trade counselors in solving difficulties in import markets,” Nam added.
Deputy Minister of Industry and Trade Tran Quoc Khanh said that in addition to growth in international trade, domestic trade also had a high growth rate, with GDP reaching 8% in 2022, helping to stabilize the national economy and acting as a firm foundation for export growth.
According to Khanh, “The trade balance recorded a 7th consecutive surplus, this year of of nearly 11 billion USD. The domestic market recovered strongly, with total retail sales of goods and services up 21%, 2.7 times higher than the target.”
|Minister of Industry and Trade Nguyen Hong Dien (Photo: nhandan.vn)
Minister of Industry and Trade Nguyen Hong Dien said that in 2023 Vietnam's exports will face difficulties due to shrinking markets, falling orders, and rising competition, so Vietnamese businesses need to effectively implement the free trade agreements that have come into force to expand and diversify markets, supply chains, and export products.
Dien underscored the need to strengthen the exploitation of markets and help localities and businesses shift quickly to official export channels closely linked with brand building.
He called on “Businesses to take the initiative in advising authorities to negotiate and sign new bilateral and multilateral cooperation mechanisms and urging overseas Vietnamese trade agencies to help localities. Meanwhile business associations should effectively use the FTAs to expand and diversify markets, supply chains, and export products.”
To reach growth targets, the trade sector will help enterprises find raw materials, spare parts, and components for production and participate in the global supply chain.