Vietnam’s exports brave global headwinds in 2023

Nguyen Long
Chia sẻ

(VOVWORLD) - Vietnam’s exports are at their peak during the last days of 2023 with many orders to serve the New Year needs of markets around the world. Vietnam will likely earn 350 billion USD from exports in 2023.

Vietnam’s exports brave global headwinds in 2023  - ảnh 1Sewing workshop  of  Dony Garment Company in Vinh Loc commune, Binh Chanh district, Ho Chi Minh city (Photo: Hong Dat/VNA)

Exports, one of the three pillars of economic growth alongside investment and consumption, saw double-digit negative growth since the first quarter of 2023 with a drop of 11.9 % since last year.

This figure accurately reflected the difficult situation facing domestic production. Processing and manufacturing, which accounts for 85-90% of Vietnam’s total export turnover, has declined sharply since late last year.

As key export products depend heavily on large markets like the US and the EU, Vietnamese Trade Offices and Trade Counselors abroad have advertised products and made the most of opportunities from bilateral and multilateral free trade agreements (FTAs).

Tran Thanh Hai, Deputy Director of the Import-Export Department of the Ministry of Industry and Trade, said these efforts have paid off.

“In 2023, fruit, vegetable, and rice exports were bright spots in Vietnam’s recovery and market expansion. Despite difficulties, Vietnam has maintained production and is making good use of free trade agreements to keep up exports to major markets,” said Hai.

Dang Phuc Nguyen, Secretary General of the Vietnam Fruit and Vegetable Association, predicts that fruit and vegetable exports this year will reach a record high of 5.6 billion USD.

He said the Government, the Ministry of Agriculture and Rural Development, and the Ministry of Industry and Trade have negotiated market openings and signed multiple agreements and protocols with China and other countries to boost sales of Vietnamese agricultural products around the world.

“Farmers and businesses have received guidance on how growing crops that meet the standards, requirements, and tastes of importing countries," said Nguyen.

According to the Ministry of Industry and Trade, so far this year import-export turnover has totaled 683 billion USD – 354.5 billion for exports and 328.5 billion for imports.

 Vietnam has a trade surplus for the 8th consecutive year – 30 billion USD, nearly triple last year – contributing to the balance of payments, increasing foreign currency reserves, and stabilizing the exchange rate and other macroeconomic indicators.

Vietnam’s exports brave global headwinds in 2023  - ảnh 2Vu Ba Phu, Director of the Trade Promotion Agency (Photo: Thanh Chung/VNA)

The Ministry of Industry and Trade says it has been focusing on three major tasks to help businesses, industries, and localities achieve positive results in export and import in 2024, amid green transformation. 

Vu Ba Phu, Director of the Trade Promotion Agency, said that in addition to improving capacity to meet new standards, relevant ministries and agencies will supplement and complete green transformation standards and regulations for each field.

“We have developed a set of indicators for trade promotion capacity, and will soon add indicators on green transformation,” said Phu, adding, “The Government has a program to complete a legal framework by 2027 in which ministries and agencies will develop their own legal frameworks for green transformation, the circular economy, and responsible business.”

Businesses need to diversify trading partners, assess risks, make plans for various scenarios, outline carbon reduction strategies, invest in innovation and technology, and participate in industrial co-operation initiatives. This will make Vietnam’s export activities sustainable.